Galileo Acquisition Corp. Announces Closing of $138 Million Initial Public Offering
October 22 2019 - 1:27PM
Galileo Acquisition Corp. (NYSE: GLEO.U, the “Company”) announced
today that it closed its initial public offering of 13,800,000
units, including the exercise in full of the underwriter’s
over-allotment option to purchase up to an additional 1,800,000
units. The offering was priced at $10.00 per unit, resulting in
gross proceeds of $138,000,000.
The Company’s units began trading on the New York Stock Exchange
(“NYSE”) on October 18, 2019 and trade under the ticker symbol
“GLEO.U”. Each unit consists of one ordinary share and one warrant
to purchase one ordinary share at a price of $11.50. Once the
securities comprising the units begin separate trading, the
ordinary shares and warrants are expected to be listed on NYSE
under the symbols “GLEO” and “GLEO WS”, respectively.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$138,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
October 22, 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 Graubard Miller acted as counsel to the
underwriters.
EarlyBirdCapital, Inc., acted as sole book-running
manager.
About the Company
Galileo Acquisition Corp. is a blank check company organized for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, or other similar business combination with one or more
businesses or entities with an initial focus on targets operating
in the Consumer, Retail, Food and Beverage, Fashion and Luxury,
Specialty Industrial, Technology or Healthcare sectors which are
headquartered in Western Europe, with an emphasis on Italian
family-owned businesses, portfolio companies of private equity
funds, or corporate spin-offs, and that have significant North
American exports and a clearly defined North American high growth
strategy. However, the Company’s efforts to identify a prospective
target business will not be limited to any particular industry or
geographic region.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
October 17, 2019. The offering was made only by means of a
prospectus, copies of which may be obtained by contacting
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York,
New York 10017. Copies of the registration statement can be
accessed through the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or a
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 includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking statements.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact: Luca Giacometti Chief Executive
Officer Galileo Acquisition Corp. +39 (346) 382-2744
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