E.Merge Technology Acquisition Corp. Announces Closing of $522,000,000 Initial Public Offering
August 04 2020 - 3:05PM
E.Merge Technology Acquisition Corp. (NASDAQ: ETACU) (the
“Company”) announced today that it closed its initial public
offering of 52,200,000 units. The offering was priced at $10.00 per
unit, resulting in gross proceeds of $522,000,000.
The Company’s units are listed on the Nasdaq
Capital Market (“Nasdaq”) and commenced trading under the ticker
symbol “ETACU” on July 31, 2020. Each unit consists of one share of
the Company’s Class A common stock and one-third of one redeemable
warrant, each whole warrant entitling the holder thereof to
purchase one share of Class A common stock at a price of $11.50 per
share. Only whole warrants will trade and are exercisable.
Once the securities comprising the units begin separate trading,
the shares of Class A common stock and warrants are expected to be
traded on Nasdaq under the symbols “ETAC” and “ETACW,”
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 initial business combination target in any business or
industry, it intends to focus its search on companies in the
software and internet technology industries. The Company is led by
Chairman, S. Steven Singh, and Co-Chief Executive Officers,
Jeff Clarke and Guy Gecht.
Cantor Fitzgerald & Co. and Mizuho
Securities USA LLC are acting as the joint book running managers
for the offering. The Company granted the underwriters a 45-day
option to purchase up to an additional 7,830,000 units at the
initial public offering price to cover over-allotments.
Of the proceeds received from the consummation
of the initial public offering and a simultaneous private placement
of units, $522,000,000 (or $10.00 per unit sold in the public
offering) was placed in trust. An audited balance sheet of the
Company as of August 4, 2020 reflecting receipt of the proceeds
upon consummation of the initial public 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 offering was made only by means of a
prospectus. Copies of the prospectus may be obtained from Cantor
Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue,
5th Floor New York, New York 10022;
Email: prospectus@cantor.com; or from Mizuho Securities USA
LLC, Attention: Equity Capital Markets, 1271 Avenue of the
Americas, 3rd Floor, New York, NY 10020.
A registration statement relating to these
securities has been filed with, and declared effective by, the
Securities and Exchange Commission on July 30, 2020. 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 initial public offering and the anticipated use of the net
proceeds. No assurance can be given 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 and
prospectus for the offering filed with the Securities and Exchange
Commission (“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
Jeff Clarke Guy Gecht E.Merge Technology Acquisition Corp. (619)
736-6855
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