NEW YORK, Feb. 10, 2020 /PRNewswire/ -- InterPrivate
Acquisition Corp. (NYSE: IPV.U) (the "Company") announced today
that it has completed the sale of the full 3,150,000 units pursuant
to the underwriters' over-allotment option granted in connection
with the Company's initial public offering. Each unit consists
of one share of common stock and one-half of one redeemable
warrant, with each whole warrant entitling the holder to purchase
one share of common stock at a price of $11.50 per share. The units sold pursuant to the
over-allotment option were sold at an offering price of
$10.00 per unit, generating gross
proceeds of $31,500,000. Of the
proceeds received from the consummation of the initial public
offering, including the over-allotment option, and simultaneous
private placement of units, an aggregate of $241,500,000 (or $10.00 per unit sold in the offering) was placed
in trust.
The units began trading on the New York Stock Exchange under the
symbol "IPV.U" on February 4,
2020. Once the securities comprising the units begin
separate trading, the common stock and warrants are expected to be
traded on the NYSE under the symbols "IPV and "IPV WS",
respectively.
EarlyBirdCapital, Inc. acted as the sole book-running manager of
the offering. I-Bankers Securities, Inc. acted as co-manager.
The offering was made by means of a prospectus, copies of which
may be obtained by contacting 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 a
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 InterPrivate Acquisition Corp.
InterPrivate Acquisition Corp. is a blank check company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. The Company is controlled by
affiliates of Ahmed M. Fattouh,
Chairman and Chief Executive Officer, and InterPrivate LLC, a
private investment firm founded by Mr. Fattouh that invests on
behalf of a consortium of family offices in partnership with
independent sponsors who have accumulated substantial industry
expertise and decades of experience from leading private equity
firms. The Company intends to focus its efforts on evaluating
business combination targets by leveraging InterPrivate's network
of independent sponsors, family offices and private equity and
venture capital firms. The Company is an emerging growth company as
defined in the Jumpstart Our Business Startups Act of 2012.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements, including with respect to the initial public offering
and the anticipated use of the proceeds thereof, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward-looking statements, including those set forth in
the risk factors section of the prospectus used in connection with
the Company's initial public offering. No assurance can be given
that the net proceeds of the offering will be used as indicated.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based, except
as required by law.
Media Contact:
Charlotte Luer
cluer@interprivate.com
+1-239-404-6785
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SOURCE InterPrivate Acquisition Corp.