PropTech Acquisition Corporation Announces Closing of $172.5M IPO
PropTech Acquisition Corporation (NASDAQ: PTACU) (the “Company”) announced today that it closed its initial public offering of 17,250,000 units, including 2,250,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $172,500,000.
The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “PTACU” on November 22, 2019. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable 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 will trade and are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols “PTAC” and “PTACW,” respectively.
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. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies that provide technological innovation to the real estate industry, or PropTech. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck.
Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. Northland Securities, Inc. acted as co-manager for the offering.