PHOENIX, March 5, 2021 /PRNewswire/ -- Mission Advancement
Corp. (the "Company" or "MAC") today announced that it closed its
upsized initial public offering ("IPO") of 34,500,000 units at
$10.00 per unit, including 4,500,000
units issued pursuant to an exercise by the underwriters of their
over-allotment option, resulting in gross proceeds of $345,000,000.
The Company's units are listed on the New York Stock Exchange
("NYSE") and commenced trading under the ticker symbol "MACC.U" on
March 3, 2021. Each unit consists of
one share of the Company's Class A common stock and one-third of
one redeemable warrant. Each whole warrant entitles the holder to
purchase one share of Class A common stock at a price of
$11.50 per share, subject to
adjustment. Once the securities comprising the units begin separate
trading, the Class A ordinary shares and warrants are expected to
be listed on the NYSE under the symbols "MACC" and "MACC WS,"
respectively.
Cantor Fitzgerald & Co and Moelis & Company are acting
as joint book-running managers for the offering. Loop Capital
Markets is acting as lead manager for the offering.
The public offering will only be made by means of a prospectus.
Copies of the preliminary prospectus relating to the offering and
final prospectus, when available, may be obtained from 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 has been
declared effective by the U.S. Securities and Exchange Commission
(the "SEC") on March 2, 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.
About Mission Advancement Corp.
Co-Sponsored by Colin Kaepernick
and The Najafi Companies, Mission Advancement Corp. is a special
purpose acquisition company committed to partnering with and
advancing a world class consumer company with the aim of creating
meaningful value for all stakeholders. At the intersection of
consumer and societal impact, MAC will search for target companies
across DTC brands, apparel and fashion, consumer products, CPG,
fin-tech, food, health and wellness, sports, media and education,
among others. For more information, visit www.missioncorp.com
Forward Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
proposed IPO. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all.
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 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.
Media Contact
Kelly Whitten / Ross Lovern
Kelly.whitten@kekstcnc.com / Ross.lovern@kekstcnc.com
(917) 842-5068 / (917) 842-7205
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SOURCE Mission Advancement Corp.