Better World Acquisition Corp. Announces Closing of $110 Million Initial Public Offering
November 17 2020 - 4:00PM
Business Wire
Better World Acquisition Corp. (the “Company”) announced today
the closing of its initial public offering of 11,000,000 units at a
price of $10.00 per unit, resulting in gross proceeds of $110
million.
The Company’s units commenced trading on the Nasdaq Capital
Market (“Nasdaq”) under the ticker symbol “BWACU” on November 13,
2020. Each unit consists of one share of the Company’s common stock
and one redeemable warrant, each warrant entitling the holder
thereof 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 shares of common stock and warrants are expected to be
listed on Nasdaq under the symbols “BWAC” and “BWACW,”
respectively.
The Company is a 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 the Company may pursue an acquisition
in any business industry or sector, it intends to concentrate its
efforts on identifying businesses in the healthy living industries
that benefit from strong Environmental, Social and Governance
(“ESG”) profiles. The Company is led by Chief Executive Officer
Rosemary L. Ripley and Chief Financial Officer Peter S.H.
Grubstein.
EarlyBirdCapital, Inc. acted as sole book-running manager of the
offering and I-Bankers Securities, Inc. acted as co-manager of the
offering. The Company has granted the underwriters a 45-day option
to purchase up to an additional 1,650,000 units at the initial
public offering price to cover over-allotments, if any.
Of the proceeds received from the consummation of the offering
and a simultaneous private placement of warrants, $111.1 million
(or $10.10 per unit sold in the offering) was placed in the
Company’s trust account. An audited balance sheet of the Company as
of November 17, 2020 reflecting receipt of the proceeds upon
consummation of the 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 (the
“SEC”).
The offering was made only by means of a prospectus. Copies of
the final prospectus relating to the offering may be obtained from
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York,
New York 10017.
Registration statements relating to these securities were filed
with, and declared effective by, the SEC on November 12, 2020. 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 an
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 initial
public offering and the search for an initial business combination.
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 final prospectus
for the 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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version on businesswire.com: https://www.businesswire.com/news/home/20201117006219/en/
Investors Peter S.H. Grubstein Chief Financial Officer
Better World Acquisition Corp. (212) 450-9700 Media Nadia
Damouni 646-818-9217 ndamouni@prosek.com
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