NEW YORK, Feb. 6, 2020 /PRNewswire/ -- InterPrivate
Acquisition Corp. (NYSE: IPV.U) (the "Company") announced today
that it closed its initial public offering of 21,000,000 units at
$10.00 per unit. The offering
resulted in gross proceeds to the Company of $210 million.
The units began trading on the New York Stock Exchange under the
symbol "IPV.U" on February 4,
2020. Each unit consists of one share of common stock and
one-half of one redeemable warrant, with each whole warrant
entitling the holder to purchase one share of common stock at a
price of $11.50 per share. Once the
securities comprising the units begin separate trading, the common
stock and warrants are expected to be traded on the NYSE under the
symbols "IPV and "IPV WS", respectively.
EarlyBirdCapital, Inc. acted as the sole book-running manager of
the offering. I-Bankers Securities, Inc. acted as co-manager.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$210 million (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as
of the closing date 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 ("SEC").
Graubard Miller acted as counsel to the Company and Greenberg
Traurig, LLP acted as counsel to the underwriters.
The offering is being made only by means of a prospectus, copies
of which may be obtained by contacting EarlyBirdCapital, Inc., 366
Madison Avenue, 8th Floor, New York,
NY 10017, Attn: Syndicate Department, 212-661-0200. Copies
of the registration statement can be accessed through the SEC's
website at www.sec.gov.
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission on
February 3, 2020.
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.
About InterPrivate Acquisition Corp.
InterPrivate Acquisition Corp. is a blank check company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. The Company is controlled by
affiliates of Ahmed M. Fattouh,
Chairman and Chief Executive Officer, and InterPrivate LLC, a
private investment firm founded by Mr. Fattouh that invests on
behalf of a consortium of family offices in partnership with
independent sponsors who have accumulated substantial industry
expertise and decades of experience from leading private equity
firms. The Company intends to focus its efforts on evaluating
business combination targets by leveraging InterPrivate's network
of independent sponsors, family offices and private equity and
venture capital firms. The Company is an emerging growth company as
defined in the Jumpstart Our Business Startups Act of 2012.
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, including with respect to the initial public offering
and the anticipated use of the proceeds thereof, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward-looking statements, including those set forth in
the risk factors section of the prospectus used in connection with
the Company's initial public offering. No assurance can be given
that the net proceeds of the offering will be used as indicated.
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, except
as required by law.
Media Contact:
Charlotte Luer
cluer@interprivate.com
+1-239-404-6785
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SOURCE InterPrivate Acquisition Corp.