Transportation SPAC Pegasus Digital Mobility Acquisition Prices US$200 Million IPO

Blank check company Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) went public today on the New York Stock Exchange. The company is seeking to raise US$200.0 million through its initial public offering.

The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable to purchase one common share at US11.50 per share. The units will be trading under the symbol “PGSS.U” but once the securities are separated, the common shares and the purchase warrants will be trading on the New York-based big board under the symbols “PGSS” and “PGSS.WS”, respectively.

Barclays Capital Inc. serves as the sole bookrunner for the offering. The company has granted the underwriters a 45-day over-allotment option to purchase additional 3.0 million company units, potentially bringing the offering proceeds to US$230.0 million.

The offering is expected to close on October 26, 2021, subject to customary closing conditions.

The blank check firm intends to focus its search for business combination with firms in the “transportation sector with exposure to energy transformation and digital mobility tailwinds, particularly in the European market”.

Information for this briefing was found via Sedar 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.

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