CHICAGO, Sept. 17, 2021 /PRNewswire/ -- Sierra Lake
Acquisition Corp. (the "Company"), a newly incorporated blank check
company, today announced the closing of its initial public offering
of 30,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of
$300 million.
The Company's units commenced trading on the Nasdaq Capital
Market ("Nasdaq") under the ticker symbol "SIERU" on September 15, 2021.
The Company is sponsored by the founders of Sierra Lake Sponsor
LLC and is led by its Executive Co-Chairmen and Directors,
Richard Burke and Kenneth L. Campbell, and a management team led
by CEO Charles Alutto, President
Scott Daum, Chief Financial Officer
and Secretary Robert Ryder, Chief
Operating Officer Ross Berner, and
board members Brenda Frank,
Alex Zoghlin and Ivan Brockman.
The Company was 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 has not selected any specific business
combination target.
Each unit sold in the offering consists of one share of the
Company's Class A common stock and one-half of one warrant, each
whole warrant entitling the holder thereof to purchase one share of
Class A common stock at a price of $11.50 per share. Only whole warrants are
exercisable and will trade. Once the securities comprising the
units begin separate trading, the shares of Class A common stock
and warrants are expected to be listed on the Nasdaq under the
symbols "SIER" and "SIERW," respectively.
Cantor Fitzgerald & Co. served as sole book-running manager
of 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 offering
and a simultaneous private placement of warrants, $301,500,000 was placed in the Company's trust
account. An audited balance sheet of the Company as of September 17, 2021 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
which may be obtained by contacting Cantor Fitzgerald & Co.,
Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at
prospectus@cantor.com.
A registration statement relating to these securities was filed
with, and declared effective by, the Securities and Exchange
Commission (the "SEC") on September 14,
2021. 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
an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT SIERRA LAKE ACQUISITION CORP.
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. The Company has not selected any specific
business combination target.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the
anticipated use of the net proceeds. 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 Company's offering filed with the
SEC. Copies of these documents 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:
Charles Alutto
Chief Executive Officer
Tel: (331) 305-4319
Email: calutto@sierralakecorp.com
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SOURCE Sierra Lake Acquisition Corp