Rainier Acquisition Closes $75 Million IPO

MT Newswires Live08-29 03:49

Rainier Acquisition (RNAQU, RNAQ) closed its initial public offering of 7.5 million units at $10 each, generating gross proceeds of $75 million.

Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant, the blank-check company said Friday in a statement. The underwriter has 45-day option to purchase up to an additional 1.125 million units at the IPO price to cover overallotments.

The units began trading on the Nasdaq Capital Market under the symbol RNAQU, and once the underlying securities begin separate trading, the Class A ordinary shares are expected to be listed under the RNAQ ticker.

Price: 10.18, Change: +0.02, Percent Change: +0.20

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