Mason Industrial Technology, Inc. Completes $500,000,000 Initial Public Offering
NEW YORK–(BUSINESS WIRE)–Mason Industrial Technology, Inc. (the “Company”), a newly organized blank check corporation incorporated in Delaware for the purpose of effecting a merger, capital exchange, asset acquisition, purchase of shares, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 50,000,000 units, including the issuance of 5 000,000 units following the exercise by the underwriters of their over-allotment option. Each unit consists of one Class A common share of the Corporation and one-third of a redeemable warrant. Each whole redeemable warrant entitles its holder to purchase one Class A common share of the Company at a price of $11.50 per share. The offering price was $10.00 per Unit, raising gross proceeds of $500,000,000, before deducting underwriting rebates and commissions and other offering costs payable by the Company.
The units began trading on the New York Stock Exchange under the symbol “MIT.U” on January 29, 2021. Once the securities comprising the units begin trading separately, the Class A common stock and the Warrants subscription will be listed on the NYSE under the symbols “MIT” and “MIT.W”, respectively.
Citigroup Global Markets Inc. and Jefferies LLC served as underwriters for the offering.
The company is sponsored by Mason Industrial Sponsor, LLC, a subsidiary of Mason Capital Management LLC, a New York-based hedge fund active in public companies, private companies, events, credit, shareholder activism and investments. in trouble. The Company was formed for the purpose of carrying out a business combination in the industrial technology, advanced materials or specialty chemicals sectors.
The offering has been made solely by means of a prospectus, copies of which may be obtained free of charge at the website of the United States Securities and Exchange Commission (“SEC”), http://www.sec.gov ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by phone at 1-800-831-9146; or Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, or by phone at 1-877-821-7388, or by email: Prospectus_Department@Jefferies.com.
A registration statement relating to the securities was declared effective by the SEC on January 28, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such titles 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 such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements”, including with respect to the proposed initial public offering and the expected use of net proceeds. No guarantee can be given that the offer described above will be carried out on the terms described, or not at all, or that the net proceeds of the offer will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s registration statement for the Company’s offering filed with the SEC. and the preliminary prospectus included therein. Copies are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.