Wealth Management SPAC Everest Consolidator Acquisition Prices US$150 Million IPO

Special purpose acquisition company Everest Consolidator Acquisition Corporation (NYSE: MNTN.U) went public on Wednesday on the New York Stock Exchange. The company is seeking to raise US$150.0 million through its initial public offering.

The offering consists of 15.0 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 “MNTN.U” but once the securities are separated, the common shares and the purchase warrants will be trading on the big board under the symbols “MNTN” and “MNTN.WS”, respectively.

BofA Securities acts as the sole bookrunner for the offering. The company has granted the underwriters a 45-day over-allotment option to purchase additional 2.25 million company units at the same IPO price.

The offering is expected to close on November 29, 2021, subject to customary closing conditions.

The blank check firm is being sponsored by an affiliate of investment firm Belay Associates, whose chairman & CEO Adam Dooley also serves as the firm’s CEO. The company plans to target businesses that are focused in the wealth management industry.

Everest Consolidator Acquisition last traded at US$10.07 on the NYSE.

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.

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