Zanite Acquisition Corp. has priced its initial public offering of 20,000,000 units at $10.00 per unit. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant.
Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The units is listed on the Nasdaq and began trading November 17, 2020, under the ticker symbol “ZNTEU”.
Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “ZNTE” and “ZNTEW,” respectively.
Zanite is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, 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. Although the Company may pursue an acquisition opportunity in any business or industry, it intends to focus on companies in the aviation, aerospace and defense, urban mobility and emerging technologies industries.
BTIG, LLC is acting as the sole book running manager for the offering and I-Bankers Securities, Inc. is acting as co-manager of the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price, to cover over-allotments, if any.
