Corsair Partnering Corporation Announces Closing of $250 Million Initial Public Offering
July 07 2021 - 9:00AM
Business Wire
Corsair Partnering Corporation (the “Company”) today announced
the closing of its initial public offering of 25,000,000 units at a
price of $10.00 per unit. The units began trading on the New York
Stock Exchange (“NYSE”) under the ticker symbol “CORS.U” on July 1,
2021. Each unit consists of one Class A ordinary share and
one-third of one redeemable warrant. Each whole warrant entitles
the holder thereof to purchase one Class A ordinary share at a
price of $11.50 per share. Only whole warrants are exercisable.
Once the securities comprising the units begin separate trading,
the Class A ordinary shares and redeemable warrants are expected to
be listed on NYSE under the symbols “CORS” and “CORS WS,”
respectively.
The Company was formed for the purpose of identifying a company
to partner with in order to effectuate a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
partnering transaction with one or more businesses, which the
Company refers to as a “partnering transaction.” The Company
intends to focus on businesses that are market-leading financial or
business services franchises and have strong management teams,
demonstrated opportunities for continued growth, sustainable and
proven unit economics, and present an opportunity to drive value
through technology and innovation. In connection with the closing
of this offering, an affiliate of Corsair Capital LLC entered into
a forward purchase agreement for up to $100,000,000 with the
Company, pursuant to which it committed to purchase up to
10,000,000 units (each consisting of one Class A ordinary share and
one-third of one warrant to purchase one Class A ordinary share,
subject to adjustment) for $10.00 per unit in a private placement
to occur in connection with the closing of our initial partnering
transaction. The Company is led by D.T. Ignacio Jayanti, Chief
Executive Officer, Jeremy S. Schein, President, and Paul Cabral,
Chief Financial Officer.
D.T. Ignacio Jayanti and Jeremy S. Schein said, “We look forward
to leveraging our transatlantic network and deep expertise across
technology-enabled business services to identify and partner with
high-quality management teams and their innovative and fast-growing
companies.”
Evercore Group L.L.C. and BofA Securities, Inc. acted as the
joint book-running managers of the offering. The offering was made
only by means of a prospectus. Copies of the prospectus relating to
the offering may be obtained from Evercore Group L.L.C., Attn:
Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York,
NY 10055, by phone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com or BofA Securities, Inc., Attn:
Prospectus Department, 200 North College Street, 3rd Floor,
Charlotte, NC 28255, by phone at (800) 294-1322, or by email at
dg.prospectus_requests@bofa.com.
A registration statement relating to the securities has been
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”). 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
Company’s search for an initial partnering transaction. No
assurance can be given that the Company will ultimately complete a
partnering transaction. 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
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210707005556/en/
Investor Contact IR@Corsair-Capital.com
Media Contact David Millar/Danya Al-Qattan Sard Verbinnen
& Co. Corsair-SVC@sardverb.com
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