NEW YORK, Jan. 12, 2021 /PRNewswire/ -- Empowerment
& Inclusion Capital I Corp. (NYSE: EPWR.U) (the "Company")
announced today the closing of its initial public offering of
27,600,000 units, including 3,600,000 units issued pursuant to the
full exercise by the underwriters of their over-allotment
option. The offering was priced at $10.00 per unit, resulting in gross proceeds of
$276,000,000. The units began trading
on the New York Stock Exchange ("NYSE") under the ticker symbol
"EPWR.U" on January 8, 2021. Each
unit consists of one share of Class A common stock and one-half of
one redeemable warrant, with each whole warrant exercisable to
purchase one share of the Class A common stock at a price of
$11.50 per share. After the
securities comprising the units begin separate trading, the shares
of Class A common stock and the warrants are expected to be listed
on the NYSE under the symbols "EPWR" and "EPWR WS," respectively.
No fractional warrants will be issued upon separation of the units
and only whole warrants will trade.
The Company is a special-purpose acquisition company with the
unique, purpose-driven mission to acquire a diverse-led business or
a business focused on promoting an inclusive economy and
society.
The Company is being sponsored by a subsidiary of The PNC
Financial Services Group, Inc. ("PNC") and Jefferies Financial
Group Inc. ("Jefferies"), who will leverage their sourcing,
structuring and execution capabilities to help Empowerment &
Inclusion Capital identify and acquire a diverse or inclusive
business and provide strategic advice in support of its ongoing
growth and success to create shareholder value.
To share in that value creation, PNC and Jefferies intend to
each donate all of their respective founders shares and warrants to
initiatives supporting the economic empowerment and inclusion of
underrepresented groups.
Former Congressman and Vice Chairman of PNC's Corporate &
Institutional Banking group Harold Ford
Jr. serves as Chairman and Chief Executive Officer of the
Company.
"We have assembled a highly diverse, experienced and connected
management team and board that, along with our sponsors, will help
drive our purpose-driven mission – to deliver significant
shareholder value while also promoting racial equity and a shift to
a more inclusive economy and society," said Ford. "While our SPAC's
approach is traditional – find a great, well-run company and build
enduring shareholder value – our mission is extraordinary: take all
of the profits from our acquisition and invest them in initiatives
supporting the economic empowerment and inclusion of
underrepresented groups."
Ford is joined by Virginia (Ginnie)
Henkels, former Executive Vice President and Chief Financial
Officer of Swift Transportation, who serves as Chief Financial
Officer and Secretary, along with a diverse and experienced board
comprised of Richard Bynum, Chief
Corporate Responsibility Officer of PNC; Marjorie Rodgers Cheshire, President and COO of
A&R Development; Laura Long,
Deputy General Counsel, M&A of PNC; Stephanie Philips, former Partner at Arnold
& Porter; Gagan Singh, Chief
Investment Officer of PNC; Margaret (Peg)
Smith, former Executive Vice President and Head of Investor
Relations at Experian; Toni
Townes-Whitley, President of U.S. Regulated Industries at
Microsoft; and Andrea Zopp, incoming
executive at Cleveland Avenue and former President and CEO of World
Business Chicago.
Jefferies LLC and Siebert Williams
Shank & Co., LLC acted as the joint bookrunning managers
for the offering, and Academy Securities, Inc., Blaylock Van, LLC, C.L. King & Associates,
Inc., Loop Capital Markets LLC and Samuel A Ramirez & Company,
Inc. acted as joint bookrunners.
The offering is being made only by means of a prospectus. Copies
of the prospectus may be obtained from Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by
telephone at 1-877-821-7388 or by email at
Prospectus_Department@Jefferies.com.
Registration statements relating to the securities became
effective on January 7, 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 offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
More information about the Company, including a link to its SEC
filing can be found here:
https://www.empowermentandinclusion.com/.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and 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 and
preliminary prospectus for the Company's offering filed with the
U.S. Securities and Exchange Commission (the "SEC"). Copies of such
filings 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.
Contacts
MEDIA:
Marcey
Zwiebel
(412) 762-4550
media.relations@pnc.com
OTHER INQUIRIES:
(212) 468-8655
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SOURCE Empowerment & Inclusion Capital I Corp.
