Pioneer Merger Corp, a blank check company backed by Falcon Edge Capital and Patriot Global Management, has raised $350 million for its IPO after pricing 35 million shares at $10 per share. The stock began trading January 8, 2021 on the NASDAQ under the ticker symbol “PACXU.” Citigroup Global Markets Inc is the sole underwriter.
NEW YORK–(BUSINESS WIRE)–Pioneer Merger Corp. (the “Company”), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the pricing of its initial public offering of 35,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol “PACXU” beginning January 8, 2021. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “PACX” and “PACXW,” respectively.
Pioneer Merger Corp., sponsored by an affiliate of Falcon Edge Capital and Patriot Global Management, is led by Chairman Jonathan Christodoro, Co-Presidents Rick Gerson and Oscar Salazar, Chief Executive Officer Ryan Khoury and Directors Mitch Caplan and Todd Davis. The Company intends to leverage its leadership team’s experiences to create significant long-term value for the Company’s shareholders. The team’s experiences include: Oscar Salazar as co-founder of Uber, Todd Davis as co-founder and former CEO of Lifelock, Mitchell Caplan as former CEO of E*Trade and Jonathan Christodoro as a director at PayPal, Lyft, Xerox, Hologic, eBay and other technology based public companies. While the Company intends to pursue large scale disruption opportunities in the technology and consumer sectors, the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
Citigroup Global Markets Inc. is serving as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146.
A registration statement relating to the securities became effective on January 7, 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.
The offering is expected to close on January 12, 2021, subject to customary closing conditions.