Welsbach Technology Metals Acquisition Corp. Announces Closing of $75 Million Initial Public Offering

Rhea-AI Summary

Welsbach Technology Metals Acquisition Corp. has successfully closed its IPO, raising $75 million through the sale of 7,500,000 units at $10.00 each. Trading commenced on Nasdaq under the symbol WTMAU on December 28, 2021. Each unit includes one share of common stock and a right to receive a fraction of a share upon a business combination. The company targets mergers in the technology metals and energy transition materials sectors. Chardan managed the offering, which includes a 45-day over-allotment option for underwriters.

Positive

• Successfully closed IPO raising $75 million.
• Units began trading on Nasdaq under WTMAU.
• Focus on mergers in technology metals and energy transition materials sectors.

Negative

• None.

New York, NY, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Welsbach Technology Metals Acquisition Corp. (the “Company”) announced today that it closed its initial public offering of 7,500,000 units, at $10.00 per unit, resulting in gross proceeds of $75 million. The Company’s units commenced trading on the Nasdaq Global Market (“Nasdaq”) on December 28, 2021, under the ticker symbol “WTMAU.” Each unit consists of one share of the Company’s common stock and one right to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the shares of common stock and rights are expected to be listed on Nasdaq under the symbols “WTMA” and “WTMAR,” respectively.
  

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it intends to concentrate its efforts on targets in the technology metals and energy transition materials industry. The Company is led by Chief Executive Officer Daniel Mamadou and Chief Operating Officer Chris Clower.
                                                                                                               

Chardan is acting as sole book-running manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,125,000 units at the initial public offering price to cover over-allotments, if any.

Of the proceeds received from the consummation of the offering and a simultaneous private placement of units, $75 million (or $10.00 per unit sold in the offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of December 30, 2021 reflecting receipt of the proceeds upon consummation of the offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Chardan, 17 State Street, Suite 2100, New York, New York 10004.
                                                      

A registration statement relating to these securities has been filed with, and declared effective by, the SEC on December 27, 2021.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the successful consummation of the Company’s initial public offering, the units, common stock and rights trading on NASDAQ and the search for an initial business combination.  No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Daniel Mamadou
Chief Executive Officer
Welsbach Technology Metals Acquisition Corp.
(510) 900-0242

FAQ

What was the gross proceeds of Welsbach Technology Metals Acquisition Corp.'s IPO?

The gross proceeds were $75 million.

When did Welsbach Technology Metals Acquisition Corp. start trading on Nasdaq?

Trading started on December 28, 2021.

What ticker symbols are associated with Welsbach Technology Metals Acquisition Corp.?

The ticker symbols are WTMAU for units, WTMA for common stock, and WTMAR for rights.

What industries does Welsbach Technology Metals Acquisition Corp. aim to target for mergers?

The company aims to target the technology metals and energy transition materials industries.

Who managed the IPO for Welsbach Technology Metals Acquisition Corp.?

Chardan acted as the sole book-running manager for the offering.