TPB Acquisition I priced its IPO of 17.5 million units at $10 each, down from the 20 million units it proposed to offer in an amended S-1 filing in April. The SPAC had initially registered in February to offer 25 million units.
The units begin trading today on the Nasdaq under TPBAU. Each consists of one share and one-third of one redeemable warrant, with whole warrants exercisable at $11.50 per share. Once the securities begin separate trading, stock and warrants are expected to list under TPBA and TPBAW.
The SPAC intends to focus on the agriculture, food, biomanufacturing, human health and life sciences sectors.
Barclays and Code Advisors are joint book-running managers of the offering. The underwriters have an option to purchase up to an additional 2.625 million units to cover over-allotments, if any.
The offering is expected to close Aug. 13. Read more.