CIIG Merger Corp. (“CIIG”), 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, has announced that it priced its initial public offering of 22,500,000 units at USD 10.00 per unit, the company said.
While CIIG may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the technology, media and telecom industries. CIIG is led by Chairman and Chief Executive Officer, Peter Cuneo, Chief Investment Officer, Michael Minnick, and Chief Operating Officer, Gavin Cuneo. CIIG´s independent directors include David Flowers, Kristen O´Hara, Chris Rogers and Kenneth West.
The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Friday, December 13, 2019, under the ticker symbol “CIICU.” Each unit consists of one share of CIIG´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 USD 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 “CIIC” and “CIICW,” respectively.
The offering is expected to close on December 17, 2019, subject to customary closing conditions.
UBS Investment Bank and Barclays are acting as the joint book-running managers for the offering. CIIG has granted the underwriters a 45-day option to purchase up to an additional 3,375,000 units at the initial public offering price to cover over-allotments, if any.