Priveterra Acquisition Corp. Announces Closing of $276 Million Initial Public Offering
February 11 2021 - 11:14AM
Priveterra Acquisition Corp. (Nasdaq: PMGMU) (the “Company”) today
announced that it closed its initial public offering of 27,600,000
units. The offering was priced at $10.00 per unit, resulting in
gross proceeds of $276,000,000.
The units are listed on the Nasdaq Stock Market (“Nasdaq”) and
commenced trading under the ticker symbol “PMGMU” on February 9,
2021. Each unit consists of one share of Class A common stock and
one-third of one redeemable warrant, with each whole warrant
exercisable to purchase one share of Class A common stock at a
price of $11.50 per share. Only whole warrants will be exercisable.
Once the securities comprising the units begin separate trading,
the shares of Class A common stock and warrants are expected to be
listed on Nasdaq under the symbols “PMGM” and “PMGMW,”
respectively.
Priveterra Acquisition Corp. 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. The Company intends to
focus on the healthcare industry, particularly the medical
technology sector.
Wells Fargo Securities and Guggenheim Securities acted as the
joint book-runners for the offering. Odeon Capital Group acted as
co-manager for the offering.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$276,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
February 11, 2021 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 U.S. Securities and
Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus. Copies of
the prospectus relating to this offering may be obtained from Wells
Fargo Securities, LLC, Attention: Equity Syndicate Department, 500
West 33rd Street, New York, New York, 10001, at (800) 326-5897 or
emailing a request to cmclientsupport@wellsfargo.com and Guggenheim
Securities, LLC, Attention: Equity Syndicate Department, 330
Madison Avenue, New York, NY 10017 or by telephone at (212)
518-5548, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
A registration statement relating to these securities was
declared effective by the SEC on February 8, 2021. 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.
Forward Looking-Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given that the 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 initial
public 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.
Contact
David MeredithChief Legal Officer and SecretaryPriveterra
Acquisition Corp.+1 (754)-220-9229dm@priveterra.com
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