Special purpose acquisition company Springwater Special Situations Corp. (Nasdaq: SWSSU) started trading its securities on the Nasdaq Capital Market today. The firm priced its initial public offering today, aiming to raise total proceeds of US$150.0 million.
The offering will entail selling 15.0 million units priced at US$10.00 per unit. Each unit is composed of one common share and one-half of a redeemable warrant. Each whole warrant is exercisable to purchase one common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “SWSSU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “SWSS” and “SWSSW”, respectively.
The proposed offering is being managed by EarlyBirdCapital, Inc. as the sole underwriter, which the company granted a 45-day over-allotment option to purchase additional 2.25 million company units.
The Delaware blank check company is led by Switzerland-based investment firm Springwater Capital’s managing director Martin Gruschka. According to its filed prospectus, the firm is not limiting itself to any geographic region or industry in selecting its prospective target business.
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.
