B&R Technology Merger Corp. Announces Partial Exercise of IPO Over-Allotment Option
B&R Technology Merger Corp. (NASDAQ: BRTMU) announced that the underwriter has partially exercised its over-allotment option, purchasing an additional 3.5 million units at $10 per unit for gross proceeds of $35 million. The total number of units sold in the IPO now stands at 36 million, generating a total of $360 million in gross proceeds. Each unit includes one Class A ordinary share and one-third of a redeemable warrant to purchase an additional share at $11.50 per share. Citigroup served as sole book-running manager for the offering. The underwriter forfeited its remaining option to buy up to 1.375 million more units. The Company emphasized that forward-looking statements in this announcement are subject to risks and uncertainties, with no assurance that proceeds will be used as intended.
Topics: IPO public offering underwriter exercise