McLaren Technology Acquisition Corp. Announces Closing of $201,250,000 Initial Public Offering
November 05 2021 - 4:15PM
McLaren Technology Acquisition Corp. (the “Company”) announced
today that it closed its initial public offering of 20,125,000
units, including 2,625,000 units issued to the underwriters upon
full exercise of their over-allotment option, at $10.00 per unit.
The units are listed on the Nasdaq Global Market (“Nasdaq”) and
began trading on 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 (“Mizuho”) acted as the sole book
running manager for the offering.
Of the proceeds received from the consummation of the initial
public offering, the simultaneous private placement of warrants and
the private sale of an aggregate of 300,000 shares of Class B
common stock of the Company, par value $0.0001 per share, to
Mizuho, $205,275,000 (or $10.20 per unit sold in the public
offering) was placed in trust. An audited balance sheet of the
Company as of November 5, 2021 reflecting receipt of the proceeds
upon consummation of the initial public offering, the private
placement of warrants and the sale of Class B common stock 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
(“SEC”).
The offering was made only by means of a prospectus.
Copies of the prospectus may be obtained, when available,
from Mizuho, 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 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
Company’s 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 and
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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