NEW YORK, June 25, 2018 /PRNewswire/ -- LF Capital
Acquisition Corp. (the "Company") announced today that is closed
its initial public offering in which it raised $155,250,000.
LF Capital Acquisition Corp. intends to focus its search for a
target business in the commercial banking and financial technology
industries.
The Company sold 15,525,000 units at a price of $10.00 per unit, which includes 2,025,000 million
units issued pursuant to the underwriter's exercise of its
over-allotment option in full, resulting in gross proceeds of
$155,525,000. Of the proceeds
received from the consummation of the initial public offering and a
simultaneous private placement of units, $158,355,000 (or $10.20 per unit sold in the public offering) was
placed in trust.
The Company's units began trading on the NASDAQ Capital Market
("Nasdaq") under the ticker symbol "LFACU" on June 20, 2018. Each unit consists of one
share of the Company's Class A common stock and one warrant,
with each warrant exercisable to purchase one share of Class A
common stock at a price of $11.50 per
share. Once the securities comprising the units begin
separate trading, the Class A common stock and warrants are
expected to be listed on the NASDAQ Stock Market under the symbols
"LFAC" and "LFACW," respectively.
B. Riley FBR, Inc. and Raymond
James & Associates, Inc. served as the underwriters for
the offering.
Venable LLP acted as counsel to the Company and Ellenoff
Grossman & Schole acted as counsel to the underwriters.
The offering was made only by means of a prospectus. Copies of
the prospectus related to this offering may be obtained from B.
Riley FBR, Inc., Attention: Prospectus Department, 1300 14th Street
North, Suite 1400, Arlington, VA
22209, or by telephone at (800) 846-5050 or by email at
prospectuses@brileyfbr.com and Raymond
James & Associates, Inc., Attention: Prospectus
Department, 880 Carillon Parkway, St.
Petersburg, Florida 33716 or by telephone at (800) 248-8863
or by email at prospectus@raymondjames.com.
A registration statement relating to the securities has been
declared effective by the SEC on June 19,
2018. 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.
About LF Capital Acquisition Corp.
LF Capital Acquisition Corp. is a newly organized blank check
company 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. While the
Company may pursue a business combination target in any business or
industry, it intends to focus its search for a target business in
the commercial banking and financial technology industries.
Forward Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
proposed initial public offering and the anticipated use of the net
proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or 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 preliminary prospectus for the Company's offering
filed with the Securities and Exchange Commission ("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.
Contact:
Scott Reed
sreed@lfcapital.co
(214) 740-6112
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SOURCE LF Capital Acquisition Corp.