Ault Disruptive Technologies Corporation Prices $100 Million Initial Public Offering
December 15 2021 - 5:59PM
Business Wire
Ault Disruptive Technologies Corporation, a newly organized
blank-check special purpose acquisition company formed as a
Delaware corporation, today announced the pricing of its initial
public offering of 10,000,000 units at an offering price of $10.00
per unit, with each unit consisting of one share of common stock
and three-fourths of one redeemable warrant. Each whole warrant
will entitle the holder thereof to purchase one share of common
stock at $11.50 per share. The units are expected to trade on the
NYSE American under the symbol “ADRTU” beginning December 16, 2021.
Ault Disruptive Technologies Corporation expects the initial public
offering to close on December 20, 2021, subject to customary
closing conditions. Once the securities comprising the units begin
separate trading, the common stock and the warrants are expected to
be traded on the NYSE American under the symbols “ADRT” and
“ADRTW,” respectively.
Ault Disruptive Technologies Corporation is a blank-check
company sponsored by Ault Disruptive Technologies Company, LLC, a
Delaware limited liability company, and a wholly owned subsidiary
of BitNile Holdings, Inc. (formerly Ault Global Holdings, Inc.)
(NYSE American: NILE), whose business purpose is to effect a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. The Company intends to focus on opportunities to
acquire companies with innovative and emerging technologies,
products, or services that have the potential to transform major
industries and radically impact society that has an aggregate
enterprise value of approximately $200 million to $500 million and
would benefit from access to public markets and the operational and
strategic expertise of the company’s management team and board of
directors.
A.G.P./Alliance Global Partners is the sole book-running
manager, and Brookline Capital Markets, a division of Arcadia
Securities, LLC, acted as co-manager for the offering. Ault
Disruptive Technologies Corporation has granted the underwriters a
45-day option to purchase up to 1,500,000 additional units at the
IPO price to cover over-allotments, if any.
A registration statement relating to the securities sold in the
initial public offering was declared effective by the U.S.
Securities and Exchange Commission on December 15, 2021. The
offering is being made only by means of a prospectus. When
available, copies of the prospectus related to this offering may be
obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, NY 10022, or by telephone at (212) 624-2060,
or by email at prospectus@allianceg.com or by visiting EDGAR on 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 contains statements that constitute
“forward-looking statements,” including with respect to the IPO and
any future initial business combination. No assurance can be given
that the offering discussed above will be completed on the terms
described, or at all, or any initial business combination will be
identified or completed. 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 IPO 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 U.S. federal securities
law.
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