Proficient Alpha Acquisition Corp. Completes $115,000,000 Initial Public Offering, Including Full Exercise of Over-Allotment ...
June 03 2019 - 5:04PM
Proficient Alpha Acquisition Corp. (Nasdaq: PAACU) (“Proficient” or
the “Company”), a company formed for the purpose of entering into a
merger, share exchange, asset acquisition or other similar business
combination with one or more businesses or entities, today
announced the closing of its initial public offering of 11,500,000
units at a price to the public of $10.00 per unit, which includes
1,500,000 units issued pursuant to the underwriters’ over-allotment
option, with the offering raising gross proceeds of $115,000,000.
The units commenced trading on Thursday, May 30, 2019, on The
NASDAQ Capital Market (“Nasdaq”) under the symbol “PAACU.” Each
unit issued in the initial public offering consists of one share of
common stock, one warrant to purchase one share of common stock at
a price of $11.50 per share and one right to receive one-tenth of
one share upon the consummation of the Company’s initial business
combination. Once the securities comprising the units begin
separate trading, the common stock, warrants and rights are
expected to be listed on Nasdaq under the symbols “PAAC,” “PAACW”
and “PAACR,” respectively.
I-Bankers Securities, Inc. acted as sole book-running manager of
the offering. EarlyBirdCapital, Inc. acted as the co-manager of the
offering. The Company granted the underwriters a 45-day option to
purchase up to an additional 1,500,000 units at the initial public
offering price to cover over-allotments, if any, and on May 30,
2019, the underwriters notified the Company that they are
exercising the over-allotment option in full.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$115,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of June
3, 2019 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.
Ellenoff Grossman & Schole LLP acted as counsel to the
Company and Schiff Hardin LLP acted as counsel to the
underwriters.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on May
29, 2019. 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
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
This offering was made only by means of a prospectus. Copies of
the prospectus relating to this offering may be obtained by
contacting I-Bankers Securities, Inc., 535 5th Avenue, 4th Floor,
New York, New York 10017; info@ibankers.com.
About Proficient
Proficient Alpha Acquisition Corp. is a blank check company
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination with one or more businesses
or entities. The Company’s efforts to identify a prospective target
business will not be limited to a particular industry or geographic
region, although the Company intends to focus its search on
companies which provide financial services in Asia, primarily
China.
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
thereof. 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 Company’s 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:Tracy LuoChief Financial OfficerProficient Alpha
Acquisition Corp.Info@paac-us.com
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