McLaren Technology Acquisition Corp. Announces Pricing of $175,000,000 Initial Public Offering
November 02 2021 - 7:15PM
McLaren Technology Acquisition Corp. (the “Company”) announced
today that it priced its initial public offering of 17,500,000
units at $10.00 per unit. The units will be listed on the Nasdaq
Global Market (“Nasdaq”) and will begin trading tomorrow,
Wednesday, November 3, 2021, under the ticker symbol “MLAIU”. 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 and 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 “MLAI” and “MLAIW,” 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 initial
business combination target in any business, industry or geographic
location, it intends to focus its search on companies within the
banking, financial services and insurance sector that leverage
artificial intelligence, machine learning, digital, technology, and
fintech. The Company is led by Chairman and Chief Executive
Officer, Sajan Pillai, Chairman of McLaren Strategic Ventures
Holdings Group and former Chief Executive Officer of UST Global,
President and Director, John Vilina, CFO/COO of McLaren Strategic
Ventures Holdings Group, Chief Operating Officer, Murali Gopalan,
Head of Consulting/Advisory for McLaren Strategic Solutions and
former Chief Commercial Officer of UST Global, and Chief Financial
Officer, Rajeev Nair, President of Techurate USA.
Mizuho Securities USA LLC is acting as the sole book running
manager for the offering. The Company has granted the underwriters
a 45-day option to purchase up to an additional 2,625,000 units at
the initial public offering price to cover over-allotments, if
any.
The offering is being made only by means of a prospectus.
Copies of the prospectus may be obtained, when available,
from Mizuho Securities USA LLC, Attention: Equity Capital Markets,
1271 Avenue of the Americas, New York 10020; Telephone:
212-205-7600.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission (“SEC”) on November 2, 2021. 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. No assurance can be given that the offering
discussed above will be completed on the terms described, or at
all. 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 preliminary prospectus 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
Sajan Pillai McLaren Technology Acquisition Corp.(949)
989-4638
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