DiamondPeak Holdings Corp. Announces Closing of Underwriters’ Over-Allotment Option in Connection with its Initial Public O...
18 Mars 2019 - 11:30PM
DiamondPeak Holdings Corp. (the “Company”) announced today that it
closed the sale of an additional 3,000,000 units pursuant to the
underwriters’ over-allotment option in connection with its initial
public offering at an offering price of $10.00 per unit, resulting
in gross proceeds of $30,000,000 and bringing the total gross
proceeds of the initial public offering to $280,000,000. The
Company’s units are listed on The Nasdaq Capital Market (“Nasdaq”)
and commenced trading under the ticker symbol “DPHCU” on February
28, 2019. Each unit consists of one share of the Company’s Class A
common stock and one-third of one redeemable warrant, each whole
warrant enabling the holder thereof to purchase one share of Class
A common stock at a price of $11.50 per share. Only whole warrants
will trade and are exercisable. 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 “DPHC” and
“DPHCW,” respectively.
The Company is a blank check company formed for
the purpose of entering into a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an initial business combination target in any business
or industry, it intends to focus its search on target businesses
with a real estate related component.
Deutsche Bank Securities served as sole
book-running manager for the offering. The Company had granted the
underwriters a 45-day option to purchase up to an additional
3,750,000 units at the initial public offering price and the
underwriters do not intend to exercise the remaining portion of the
option.
Of the proceeds received from the consummation
of the initial public offering, the partial exercise of the
over-allotment option and simultaneous private placements of
warrants, $280,000,000 (or $10.00 per unit sold in the public
offering) was placed in trust. An unaudited balance sheet of
the Company as of March 18, 2019 reflecting receipt of the proceeds
upon consummation of the initial public offering, the exercise of
the over-allotment option and the private placements will be
included as an exhibit to a Current Report on Form 8-K to be filed
by the Company with the Securities and Exchange Commission (the
“SEC”).
A registration statement relating to these
securities has been filed with, and declared effective by, the SEC
on February 27, 2019. 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 an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the anticipated use of the net proceeds. No assurance can be given
that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the offering filed with the SEC.
Copies are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
ContactColleen Floberg(212) 716-2000
DiamondPeak (NASDAQ:DPHCU)
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