OTR Acquisition Corp. Announces Pricing of $100.0 Million Initial Public Offering
17 Noviembre 2020 - 8:15AM
Business Wire
OTR Acquisition Corp. (Nasdaq: OTRAU) (“OTR Acquisition Corp.”
or the “Company”) today announced the pricing of its initial public
offering of 10,000,000 units at a price of $10.00 per unit. The
units are expected to be listed on The Nasdaq Capital Market
(“Nasdaq”) and trade under the ticker symbol “OTRAU” beginning
November 17, 2020. Each unit consists of one share of Class A
common stock and one half of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of Class
A common stock at a price of $11.50 per share. Only whole warrants
will trade. Once the securities comprising the units begin separate
trading, the shares of Class A common stock and warrants are
expected to be traded on the Nasdaq under the symbols “OTRA” and
“OTRAW,” respectively. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The Company has granted the underwriters a 45-day option to
purchase up to 1,500,000 additional units at the initial public
offering price to cover over-allotments, if any. The offering is
expected to close on November 19, 2020, subject to customary
closing conditions.
A registration statement relating to the securities was declared
effective by the SEC on November 17, 2020. The offering is being
made only by means of a prospectus, copies of which may be obtained
by contacting Maxim Group LLC, 405 Lexington Avenue, New York, New
York 10174. 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 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.
About OTR Acquisition Corp.
OTR Acquisition Corp. is a newly organized blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. While it
may pursue an initial business combination target in any business,
industry or geographical location, it intends to focus its search
on target businesses with enterprise values of approximately $500
million to $2.5 billion. The Company is sponsored by OTR
Acquisition Sponsor LLC, an affiliate of investor and entrepreneur
Nicholas J. Singer and Purchase Capital.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
proposed initial public offering and 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
statement and preliminary prospectus for the Company's offering
filed with 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/20201117005864/en/
Melanie Gounardes 914-844-5537 mgounardes@prosek.com
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