Capitol Investment Corp. V, a blank check company, has raised $300 million for its IPO after pricing its 30 million shares at $10 per share. The stock began trading December 2, 2020 on the New York Stock Exchange under the ticker symbol “CAP.U.” Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley are the underwriters.
ARLINGTON, VIRGINIA, December 2, 2020 – Capitol Investment Corp. V (the “Company”) announced today that it priced its initial public offering of 30,000,000 units at $10.00 per unit for aggregate gross proceeds of $300,000,000. Each unit consists of one share of the Company’s Class A common stock and one third of one warrant, each whole warrant entitling the holder thereof to purchase one share of the Company’s Class A common stock at an exercise price of $11.50. The underwriters have been granted a 45-day option to purchase up to an additional 4,500,000 units offered by the Company to cover over-allotments, if any.
The units are expected to begin trading on the New York Stock Exchange (the “NYSE”) on December 2, 2020 under the symbol “CAP.U.” After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “CAP” and “CAP WS,” respectively. No fractional warrants will be issued upon separation of the units, and only whole warrants will trade.
The offering is expected to close on December 4, 2020, subject to customary closing conditions.
The Company was formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region. The Company is led by Chairman and Chief Executive Officer, Mark D. Ein, and President and Chief Financial Officer, L. Dyson Dryden.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers of the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 1, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-800-831-9146; Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005-2836, Attention: Prospectus Group, Telephone: (800) 503-4611, Email: firstname.lastname@example.org; or Morgan Stanley & Co. LLC, 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department, Email: email@example.com.
This press release shall not constitute an offer to sell or a 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.