NEW YORK, Feb. 1, 2018 /PRNewswire/ -- MTech
Acquisition Corp. (Nasdaq: MTECU) ("MTech" 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 5,000,000 units at a
price to the public of $10.00 per
unit, with the offering raising gross proceeds of $50,000,000. The units commenced trading on
Tuesday, January 30, 2018, on The
NASDAQ Capital Market ("Nasdaq") under the symbol "MTECU." Each
unit issued in the initial public offering consists of one share of
Class A common stock and one warrant, each warrant to purchase one
share of Class A common stock at a price of $11.50 per share. Once the securities comprising
the units begin separate trading, the Class A common stock and
warrants are expected to be traded on Nasdaq under the symbols
"MTEC" and "MTECW," respectively.
EarlyBirdCapital, Inc. acted as sole book-running manager of the
offering. MTech has granted the underwriters a 45-day option to
purchase up to 750,000 additional units to cover over-allotments,
if any.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$50,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
February 1, 2018 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.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
January 29, 2018. 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 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.
About MTech
MTech 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 ancillary to the
cannabis industry, with a particular sector focus that includes
compliance, business intelligence, brand development and media.
MTech is led by Executive Chairman Steven Van Dyke and Chief Executive Officer
Scott Sozio.
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.
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SOURCE MTech Acquisition Corp.