Property Solutions Acquisition Corp. II Announces Closing of Upsized $300 Million Initial Public Offering
March 08 2021 - 4:42PM
Business Wire
Property Solutions Acquisition Corp. II (the “Company”), a
special purpose acquisition company, today announced the closing of
its upsized initial public offering of 30,000,000 units at a price
to the public of $10.00 per unit. The offering resulted in gross
proceeds to the Company of $300 million.
The units began trading on The Nasdaq Capital Market (“Nasdaq”)
under the symbol “PSAGU” on March 4, 2021. Each unit consists of
one share of Class A common stock and one-fourth of one redeemable
warrant, with each whole warrant entitling the holder thereof to
purchase one share of Class A common stock. Once the securities
comprising the units begin separate trading, the Class A common
stock and redeemable warrants are expected to be traded on Nasdaq
under the symbols “PSAG” and “PSAGW”, respectively.
EarlyBirdCapital, Inc. acted as the sole book-running manager
for the offering. The Company has granted the underwriters a 45-day
option to purchase up to an additional 4,500,000 units at the
initial public offering price to cover over-allotments, if any.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units, $300
million (or $10.00 per unit sold in the public offering) was placed
in trust. An audited balance sheet of the Company as of March 8,
2020 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”).
A registration statement relating to the securities became
effective on March 3, 2021. The offering is being made only by
means of a prospectus. Copies of the prospectus may be obtained,
when available, for free by visiting EDGAR on the SEC’s website at
www.sec.gov. Alternatively, copies may be obtained, when available,
from 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.
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.
About Property Solutions Acquisition Corp. II
Property Solutions Acquisition Corp. II is a newly organized
blank check company incorporated as a Delaware corporation for the
purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or entities. Although the
Company may pursue a business combination opportunity in any
business, industry, sector or geographical location it chooses, it
currently intends to focus on target companies that service the
real estate industry, including property technology.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and search for a 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 registration
statement and 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/20210308005874/en/
Jordan Vogel, Co-Chief Executive Officer Property Solutions
Acquisition Corp. II jordan@benchmarkrealestate.com
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