Property Solutions Acquisition Corp. Announces Closing of $200 Million Initial Public Offering
July 27 2020 - 8:00AM
Property Solutions Acquisition Corp. (NASDAQ: PSACU) (the
“Company”) announced today that it closed its initial public
offering of 20,000,000 units at $10.00 per unit. The offering
resulted in gross proceeds to the Company of $200 million.
The units began trading on the Nasdaq Capital Market under the
symbol “PSACU” on July 22, 2020. Each unit consists of one share of
common stock and one redeemable warrant, with each 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 Nasdaq Capital Market under the symbols “PSAC”
and “PSACW”, 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, $200
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 Ellenoff
Grossman & Schole, 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
July 21, 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 Property Solutions Acquisition Corp.
Property Solutions 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 may pursue a
business combination opportunity in any business or industry it
chooses although it currently intends to focus on target companies
that service the real estate industry, including property
technology. 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 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. 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.
Contact: Jordan Vogel
jordan@benchmarkrealestate.com
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