METAIRIE, La. and NEW YORK, March 20,
2018 /PRNewswire/ -- Tiberius Acquisition Corporation
(NASDAQ:TIBRU) (the "Company") announced today that it closed its
initial public offering of 15,000,000 units. The offering was
priced at $10.00 per unit, resulting
in gross proceeds of $150,000,000.
The Company's units began trading on the NASDAQ Capital Market
under the ticker symbol "TIBRU" on March 16,
2018. Each unit consists of one share of the Company's
common stock and one warrant. Each warrant entitles the holder
thereof to purchase one share of the Company's common stock at
$11.50 per share. Once the securities
comprising the units begin separate trading, the common stock and
warrants are expected to be listed on the NASDAQ Capital Market
under the ticker symbols "TIBR" and "TIBRW", respectively.
The Company is a blank check company formed for the purpose of
entering into 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 initial
business combination target in any business or industry, it intends
to focus its search on the insurance sector. The Company is led by
Executive Chairman and Chief Executive Officer Michael Gray.
Cantor Fitzgerald & Co. and Dowling & Partners
Securities LLC acted as joint bookrunning managers for the
offering. Chardan acted as lead manager. The Company
has granted the underwriters a 45-day option to purchase up to an
additional 2,250,000 units at the initial public offering price to
cover over-allotments, if any.
Of the proceeds received from the consummation of the initial
public offering, a simultaneous private placement of units and a
loan provided by Lagniappe Ventures LLC, the Company's sponsor,
$151,500,000 (or $10.10 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
March 20, 2018 reflecting receipt of
the proceeds upon consummation of the initial public offering, the
private placement and the sponsor loan 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.
Ellenoff Grossman & Schole LLP acted as counsel to the
Company and Graubard Miller acted as counsel to the
underwriters.
The offering is being made only by means of a prospectus. Copies
of the prospectus may be obtained, when available, from Cantor
Fitzgerald & Co., 499 Park Avenue, New York, New York 10022, Attn: Kevin Brennan, kbrennan@cantor.com, tel.: (212)
915-1970.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission on March 15,
2018.
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
anticipated use of the net proceeds. No assurance can be given that
the net proceeds of the offering will be used as indicated.
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 and prospectus for the offering filed with the Securities
and Exchange Commission ("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
Andrew J.
Poole, Chief Investment Officer
(504) 881-1060
APoole@tiberiusco.com
View original
content:http://www.prnewswire.com/news-releases/tiberius-acquisition-corporation-announces-closing-of-150000000-initial-public-offering-300617207.html
SOURCE Tiberius Acquisition Corporation