Cannabis SPAC Relativity Acquisition Prices US$125 Million IPO
Special purpose acquisition company Relativity Acquisition Corp. (Nasdaq: RACYU) started trading its securities on the Nasdaq Global Market today. The firm priced its initial public offering, aiming to raise total proceeds of US$125.0 million.
The offering will entail selling 12.5 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one whole warrant exercisable to purchase one common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “RACYU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “RACY” and “RACYW”, respectively.
The proposed offering is being managed by Alliance Global Partners as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 1.875 million company units.
The blank check company is led by its chairman and CEO Tarek Tabsh, the co-founder of the pharmaceutical firm Oxford Cannabinoid Technologies. The firm said that it intends to focus its business combination search in the legalized cannabis industry.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.