NEW YORK–(BUSINESS WIRE) – Better World Acquisition Corp. (the Company) today announced that on November 19, 2020, it closed the issuance of 1,618,600 additional units following the exercise of the underwriters’ option to purchase additional units as part of its initial public offering at $ 10.00 per unit, resulting in gross proceeds of $ 16,186,000 and bringing the total gross proceeds of the initial public offering to $ 126,186,000.
Companys units began trading on the Nasdaq Capital Market (Nasdaq) under the ticker symbol BWACU on November 13, 2020. Each unit consists of one common share of the Company and one redeemable warrant, each warrant subscription allowing its holder to purchase one share of common stock at a price of $ 11.50 per share. Once the securities comprising the Units begin to trade separately, the Common Shares and the Warrants are expected to be listed on Nasdaq under the symbols BWAC and BWACW, respectively.
The Company is a blank check company incorporated for the purpose of effecting a merger, a capital stock exchange, an acquisition of assets, a purchase of shares, a reorganization or a similar business combination with one or more companies. . While the Company may pursue an acquisition in any line of business or sector, it intends to focus its efforts on identifying companies in the healthy living industries that benefit from strong environmental, social and governance (ESG). The company is led by Chief Executive Officer Rosemary L. Ripley and Chief Financial Officer Peter SH Grubstein.
EarlyBirdCapital, Inc. acted as sole accounting manager of the Offer and I-Bankers Securities, Inc. acted as co-manager of the Offer.
Of the proceeds received from the completion of the placement (as well as the exercise of the option to purchase additional units) and a concurrent private placement of warrants, $ 127.4 million (or $ 10.10 $ per Unit sold as part of the Offering) were placed in the Companys Trust Account. An audited balance sheet of the Company as at November 17, 2020 reflecting the receipt of the proceeds upon completion of the Offer and the Private Placement (but not including the closing of the additional units described herein) will be included as an attachment to a current report on Form 8-K to be filed by the company with the Securities and Exchange Commission (the SEC).
The offer was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, New York 10017.
The registration statements relating to these securities were filed with the SEC and declared effective by the SEC on November 12, 2020. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such offering, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such state or jurisdiction.
This press release contains statements which constitute forward-looking statements, in particular with regard to the initial public offering and the search for a first business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set out in the Risk Factors section of the Company’s final prospectus for the offer filed with the SEC. Copies are available on the SEC website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.