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TMAC.U - Music Acquisition News Story

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Position in Universe th / 6841

The Music Acquisition Corporation Announces Closing of $230 Million Initial Public Offering

Fri 5th February, 2021 5:16pm
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New York, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Music Acquisition Corporation
(the “Company”) today announced the closing of its initial public offering
of 23,000,000 units, which includes the 3,000,000 units sold pursuant to the
exercise of the underwriters’ over-allotment option in full. The offering
was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.
The Company’s units are listed on the New York Stock Exchange (the
“NYSE”) and commenced trading under the ticker symbol “TMAC.U” on
February 3, 2021. Each unit consists of one share of Class A common stock and
one-half of one redeemable warrant, with each whole 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 shares of
Class A common stock and warrants are expected to be listed on the NYSE under
the symbols “TMAC” and “TMAC WS,” respectively.

The Music Acquisition Corporation is a blank check company whose business
purpose is to effect 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 industry or geographic region, the Company intends to focus its
search for an initial business combination on businesses that are either
directly or indirectly connected with the music sector, with particular
emphasis on businesses where the Company’s significant strategic and
operational expertise and long-standing position within the music industry
will be a value-additive proposition to potential target businesses. The
Company is led by Chairman and Chief Executive Officer Neil Jacobson and Chief
Operating Officer Todd Lowen. In addition to Messrs. Jacobson and Lowen, the
Company’s Board of Directors includes Michael Levitt, Ben Silverman, and
Tunde Balogun.   

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. acted as joint
bookrunning managers for the offering.

Of the proceeds received from the consummation of the initial public offering
and a simultaneous private placement of warrants, $230,000,000 (or $10.00 per
unit sold in the public offering) was placed in the Company’s trust account.
An audited balance sheet of the Company as of February 5, 2021 reflecting
receipt of the proceeds upon consummation of the initial public offering and
the private placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the U.S. Securities and Exchange
Commission (the “SEC”).

A registration statement relating to these securities was declared effective
by the SEC on February 2, 2021. 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.

The offering was made only by means of a prospectus. Copies of the prospectus
relating to the offering may be obtained from Citigroup Global Markets Inc.,
Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; and
Cantor Fitzgerald & Co., Attention: Prospectus Group, 499 Park Avenue, New
York, NY 10022, or by telephone at (1-212) 915-1067 or by email at

Forward Looking Statements
This press release contains statements that constitute “forward-looking
statements,” including with respect to the initial public offering and
search for an initial business combination. 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 initial public
offering filed with the SEC. Copies are available on the SEC's website, The Company undertakes no obligation to update these statements
for revisions or changes after the date of this release, except as required by

Investor Contact:
Neil Jacobson
(747) 203-7219

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GlobeNewswire, Inc. 2021

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