Power & Digital Infrastructure Acquisition Corp. Announces the Separate Trading of its Shares of Class A Common Stock and Warrants Commencing April 5, 2021
Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDIU) announced that starting April 5, 2021, shareholders can separate and trade their shares of Class A common stock and warrants from their initial public offering units. The IPO, completed on February 12, 2021, sold 34,500,000 units. Separated shares will trade under symbols XPDI and XPDIW on Nasdaq. No fractional warrants will be issued, and brokers must contact Continental Stock Transfer & Trust Company for separation. This announcement does not constitute an offer to sell securities.
- Shareholders can now trade shares and warrants separately, potentially enhancing liquidity.
- The separation allows for better price discovery for Class A common stock and warrants.
- No assurance that the separation will occur as planned; forward-looking statements are subject to conditions beyond the Company's control.
Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDIU) (the “Company”) announced that, commencing April 5, 2021, holders of the units sold in the Company’s initial public offering of 34,500,000 units, completed on February 12, 2021, may elect to separately trade the shares of Class A common stock and warrants included in the units. Any units not separated will continue to trade on The Nasdaq Capital Market (the “Nasdaq”) under the symbol “XPDIU,” and the separated shares of Class A common stock and warrants will trade on the Nasdaq under the symbols “XPDI” and “XPDIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Unitholders will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock and warrants.
The units were initially offered by the Company in an underwritten offering. Barclays and BofA Securities acted as joint book-running managers of the offering. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on February 9, 2021.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated separation of the units into shares of Class A common stock and warrants. No assurance can be given that the units will be separated 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 and final prospectus relating to the Company’s initial public 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.
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