Global Consumer Acquisition Corporation Announces Pricing of $170,000,000 Initial Public Offering

Rhea-AI Summary

Global Consumer Acquisition Corporation announced its initial public offering (IPO), pricing 17,000,000 units at $10.00 each. The units will trade on Nasdaq under the symbol GACQU starting June 9, 2021. Each unit comprises one share of Class A common stock and half a redeemable warrant, with full warrants priced at $11.50 per share. The Company, a blank check entity, plans to pursue merger opportunities, particularly in the consumer products and services sectors, leveraging the management team's expertise. Kingswood Capital Markets serves as the sole bookrunner.

Positive

• IPO priced at $10.00 per unit, raising significant capital.
• Targeting consumer products and services sectors for acquisitions.
• Management team has extensive experience in the industry.

Negative

• Inherent risks with blank check companies and potential failure to complete desired acquisitions.
• No assurance offering will close as described.

Marietta, GA, June 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Global Consumer Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 17,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Wednesday, June 9, 2021, under the ticker symbol “GACQU”. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “GACQ,” and “GACQW,” respectively.

The Company is a 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 an acquisition opportunity in any business, industry, sector or geographical location, the Company intends to focus on industries that complement the management team’s background, and to capitalize on the ability of the management team to identify and acquire a business, focusing on the consumer products and services sectors, where the management team has extensive experience. The Company is led by Co-Chairman and Chief Executive Officer, Rohan Ajila and Co-Chairman, Gautham Pai.

Kingswood Capital Markets, division of Benchmark Investments LLC, is acting as the sole bookrunner for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,550,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Kingswood Capital Markets, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave, 39^th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@kingswoodcm.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on June 8, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 offering filed with the 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

Rohan Ajila
rajila@fidesbusinesspartner.ch
+91-98450-41766

FAQ

What is the IPO price for Global Consumer Acquisition Corporation's units?

The IPO price for the units is set at $10.00 each.

When will GACQU start trading?

GACQU will begin trading on Nasdaq on June 9, 2021.

What does each unit of GACQU consist of?

Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.

What sectors is Global Consumer Acquisition Corporation focusing on for acquisitions?

The Company intends to focus on consumer products and services sectors for potential acquisitions.