NEW YORK, March 8, 2021 /PRNewswire/ -- Atlantic Coastal Acquisition Corp. ("ACAH") today announced the closing of its initial public offering of 30,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Stock Market and trade under the ticker symbol "ACAHU".
Each unit consists of one share of Class A common stock of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NASDAQ Capital Market under the symbols "ACAH" and "ACAHW," respectively.
The Company is a newly incorporated 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. The Company is led by Shahraab Ahmad, Chief Executive Officer, Burt Jordan, President, and Tony Eisenberg, Chief Strategy Officer.
BTIG, LLC acted as the sole book running manager for the offering and Academy Securities, Inc., Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC acted as co-managers of the offering.
The initial public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BTIG, LLC at 65 E 55th Street, New York, NY 10022, or by email at [email protected].
A registration statement relating to the securities sold in the initial public offering has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 3, 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 offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds of the offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of ACAH, including those set forth in the Risk Factors section of ACAH's registration statement filed with the SEC. Copies are available on the SEC's website, www.sec.gov. ACAH undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
SOURCE Atlantic Coastal Acquisition Corp.