Freedom Acquisition I Corp. Announces Closing of $345 Million Initial Public Offering, Including Full Exercise of Over-allotm...
March 02 2021 - 3:30PM
Business Wire
Freedom Acquisition I Corp. (“Freedom Acquisition” or the
“Company”) announced today the closing of its initial public
offering of 34,500,000 units at $10.00 per unit, including
4,500,000 units sold pursuant to the full exercise of the
underwriter’s over–allotment option. Total gross proceeds from the
offering were $345 million before deducting underwriting discounts
and commissions and other offering expenses payable by the
Company.
The units began trading on the New York Stock Exchange (“NYSE”)
under the ticker symbol “FACT.U” on February 26, 2021. Each unit
consists of one Class A ordinary share and one-fourth of one
redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one Class A ordinary share at a price of $11.50 per
share. Only whole warrants are exercisable. Once the securities
comprising the units begin separate trading, the Class A ordinary
shares and redeemable warrants are expected to be listed on the
NYSE under the symbols “FACT” and “FACT WS,” respectively.
The Company was formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. The
Company intends to pursue a target in the financial services
sector. Freedom Acquisition’s founders include Tidjane Thiam, Adam
Gishen and Abhishek Bhatia. A private fund affiliated with Pacific
Investment Management Company LLC (PIMCO) is a member of the
Company’s sponsor.
J.P. Morgan acted as the lead book-running manager of the
offering. Deutsche Bank Securities and Morgan Stanley acted as
book-running managers of the offering. Academy Securities, Drexel
Hamilton, Loop Capital Markets, R. Seelaus & Co., LLC and
Siebert Williams Shank acted as co-managers of the offering. The
offering was made only by means of a prospectus. Copies of the
prospectus may be obtained from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, telephone: 1-866-803-9204, or by emailing at
prospectus-eq_fi@jpmchase.com.
Registration statements relating to the securities became
effective on February 25, 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.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
anticipated use of the net proceeds. 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 statements and prospectus for the
Company’s offering filed with the U.S. Securities and Exchange
Commission (the “SEC”). Copies of these documents 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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version on businesswire.com: https://www.businesswire.com/news/home/20210302006117/en/
Investor Contact Adam Gishen ag@freedomac1.com
U.S. Media Contact Doug Donsky, Brian Ruby ICR, Inc. for
Freedom Acquisition I freedomacquisition@ICRinc.com
U.K. / International Media Contact Andy Smith, Ngozi
Emeagi Powerscourt for Freedom Acquisition I
freedomacquisition@powerscourt-group.com
Freedom Acquisition I (NYSE:FACT.U)
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