NEW YORK, Oct. 5, 2020 /PRNewswire/ -- IG Acquisition Corp.
(the "Company") announced today the completion of its initial
public offering of 30,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of
$300 million.
The Company's units commenced trading on the Nasdaq Capital
Market ("Nasdaq") under the ticker symbol "IGACU" on October 1, 2020. Each unit consists of one
share of the Company's Class A common stock and one-half of one
redeemable warrant, each whole warrant entitling the holder thereof
to purchase one share of Class A common stock at a price of
$11.50 per share. Only whole warrants
are exercisable. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade. Once
the securities comprising the units begin separate trading, shares
of the Class A common stock and warrants are expected to be listed
on Nasdaq under the symbols "IGAC" and "IGACW," respectively.
The Company is a blank check company formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. While the Company may pursue an acquisition
in any business industry or sector, it intends to concentrate its
efforts on identifying businesses in the leisure, gaming and
hospitality industries. The Company is led by Chairman Bradley Tusk, Chief Executive Officer
Christian Goode and Chief Financial
Officer Edward Farrell.
Cantor Fitzgerald & Co. acted as sole book-running manager
of the offering and Odeon Capital Group, LLC acted as co-manager of
the offering. The Company has granted the underwriters a
45-day option to purchase up to an additional 4,500,000 units at
the initial public offering price to cover over-allotments, if
any.
Of the proceeds received from the consummation of the offering
and a simultaneous private placement of warrants, $300 million (or $10.00 per unit sold in the offering) was placed
in the Company's trust account. An audited balance sheet of the
Company as of October 5, 2020
reflecting receipt of the proceeds upon consummation of the
offering and the private placement will be included as an exhibit
to a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission (the "SEC").
The offering was made only by means of a prospectus. Copies of
the preliminary prospectus relating to the offering and final
prospectus, when available, may be obtained from Cantor Fitzgerald
& Co., Attention: Capital Markets, at 499 Park Avenue, 5th
Floor, New York, New York 10022;
Email: prospectus@cantor.com.
A registration statement relating to these securities has been
filed with, and declared effective by, the SEC on September 30, 2020. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and the search for an initial business
combination. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement for the offering filed with
the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact
Christian Goode
Chief Executive Officer
IG Acquisition Corp.
(917) 765-5588
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SOURCE IG Acquisition Corp.