Tampa Bay Rays Owner-Led SPAC Counter Press Acquisition Prices US$75 Million IPO

Special purpose acquisition company Counter Press Acquisition Corp. (Nasdaq: CPAQU) started trading publicly on the Nasdaq Global Market yesterday. The company is seeking to raise US$75 million in its initial public offering.

The offering consists of 7.5 million company units priced at US$10.00 per unit. Each unit is composed of one Class A share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “CPAQU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “CPAQ” and “CPAQW”, respectively.

The proposed offering is being managed by BTIG and EarlyBirdCapital as the lead bookrunners. The underwriters were granted a 45-day over-allotment option to purchase additional 1.125 million company units at the same IPO price.

The blank check company is led by American baseball team Tampa Bay Rays co-owner Randy Frankel as the chairman of the board and Hollywood producer Pacific Media Group co-founder Paul Conway. Andrew Friedman, president of the American baseball team Los Angeles Dodgers, also sits on the firm’s board.

On its target business combination, the firm plans to pursue firms “on businesses in the sports, media, and data analytics sectors, with a focus on professional sports businesses.”

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.

Leave a Reply