Blank check company Agrico Acquisition Corp. starts publicly trading its common shares today on the Nasdaq Capital Market under the symbol “RICOU”. The company’s initial public offering is eyeing to raise aggregate proceeds of US$125 million.
The offering consists of 12.5 million company units at US$10.00 per unit. Each unit consists of one Class A share and one-half purchase warrant. Each whole warrant is exercisable to purchase one whole Class A share at US$11.50 per share. Following the securities being separated after the offering, the Class A shares and the warrants will be traded on the Nasdaq under symbols “RICO” and “RICOW”, respectively.
Agrico also gave the underwriter a 45-day option to purchase an additional 1.875 million units at the same IPO price. Maxim Group acts as the sole underwriter for the proposed offering.
The firm is currently targeting to take public a firm in the agriculture, horticulture, or aquaculture space, although it has said it is not limiting itself to one particular business segment.
The offering is expected to close on July 12, 2021, subject to customary closing conditions.
Information for this briefing was found via Sedar and Agrico Acquisition. 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.