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Revelstone Capital Acquisition Corp. (the “Company” or “Revelstone”) announced that the underwriters, in a partial exercise of the over-allotment option in its initial public offering, today purchased an additional 1,500,000 units at a price of $10.00 per unit. Gross proceeds from partial option exercise, before underwriting discounts and fees, were $15 million. Each unit consists of one Class A common share, par value $0.0001 each, of the company (“Common Share”) and one-half of a redeemable warrant, each full warrant entitling its holder The right to purchase one share of common stock is priced at $11.50 per share. Only the entire warrant can be exercised.
The company issued a total of 16,500,000 units at a price of $10.00 per unit for a total proceeds of $165,000,000.
The units are listed on the Nasdaq Global Market (“Nasdaq”) and begin trading on December 17, 2021 under the ticker symbol “RCACU”. Once the securities comprising these units begin to trade separately, shares of common stock and redeemable warrants are expected to be listed on the Nasdaq under the symbols “RCAC” and “RCACW,” respectively.
Bank of America Securities and Roth…
The full story is available on Benzinga.com
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