Welsbach Technology Metals Acquisition Corp. Announces Partial Exercise of Underwriters’ Over-Allotment Option in Connection with its Initial Public Offering

Rhea-AI Summary

Welsbach Technology Metals Acquisition Corp. closed the issuance of an additional 227,686 units from its IPO, generating gross proceeds of $2,276,860. This brings total IPO proceeds to $77,276,860. Each unit comprises one common stock share and a right to receive one-tenth of a share upon a future business combination. Trading on Nasdaq began on December 28, 2021, under ticker symbol 'WTMAU.' The Company focuses on merging with businesses in technology metals and energy transition materials, and its trust account now holds the total proceeds received.

Positive

• Total gross proceeds from the IPO reached $77,276,860.
• The issuance of additional units indicates strong interest from underwriters.
• Focus on technology metals and energy transition materials positions the company in a growth sector.

Negative

• No specific acquisition targets announced, leading to uncertainty regarding future revenue streams.
• Dependence on successful business combinations for future growth.

New York, NY, Jan. 14, 2022 (GLOBE NEWSWIRE) -- Welsbach Technology Metals Acquisition Corp. (the “Company”) announced today the closing of the issuance of an additional 227,686 units pursuant to the partial exercise of the underwriters’ option to purchase additional units in connection with its initial public offering at a price of $10.00 per unit, resulting in gross proceeds of $2,276,860 and bringing the total gross proceeds of the initial public offering to $77,276,860. 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.

Of the proceeds received from the consummation of the offering and a simultaneous private placement of units, $77,276,860 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 (but not including the closing of the additional units described herein) was included as an exhibit to a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on January 6, 2022.

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 is the total amount raised from Welsbach Technology Metals Acquisition Corp's IPO?

The total gross proceeds from the IPO amount to $77,276,860.

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

The company began trading on Nasdaq on December 28, 2021, under the ticker symbol 'WTMAU.'

What components are included in each unit of Welsbach Technology Metals Acquisition Corp?

Each unit consists of one common stock share and a right to receive one-tenth of a share upon a future business combination.

What industry does Welsbach Technology Metals Acquisition Corp target for acquisitions?

The company focuses on targets in the technology metals and energy transition materials industry.