Genesis Park Acquisition was originated by Genesis Park for the purpose of targeting business combinations, specifically looking out for opportunities in the aerospace and aviation industry. The company revealed today that its IPO would be priced at $10 per unit for a total of 15,000,000 units, leading to a capital of $150 million.
Each unit is made up of one Class A ordinary share and half of a redeemable warrant. Owning a whole warrant would allow the holder to buy one Class A ordinary share at $11.50 per share. The newly formed company’s shares would be listed on the New York Stock Exchange on November 24 to trade under the ticker “GNPK.U”.
Once the securities have started trading separately, the Class A ordinary shares and the warrants will be listed separately on the New York Stock Exchange under the tickers “GNPK” and “GNPK.WS” respectively. Genesis Park expects the offering to be concluded by November 27.
The newly created special purpose acquisition company is sponsored by Genesis Park Holdings which is an affiliate of a private equity firm Genesis Park. Genesis Park Acquisition is led by David Siegel as chairman who is a Senior Advisor for Apollo Global Management, Executive Chairman of Sun Country Airlines, and Chairman of the Spanish airline Volotea. The Chief Executive Officer is Paul Hobby, a founding partner at Genesis Park.
Jefferies LLC has been appointed as the sole book-runner for the offering. The underwriter has been granted an option to buy an additional 2,250,000 units at the IPO price, up to 45 days, to make up for any over-allotments. The offering is only made via a prospectus.
By aiming for the aviation industry, the company wants to align the aerospace and aviation experience of its management team, the board of directors, and advisory committee with its goal of business combinations. Genesis Park plans to go for businesses in the aviation sectors that have an enterprise value ranging from $500 million to $1 billion.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
.jpg "Hunting of yacht: where and how to see the most beautiful boats")
.jpg "The worst cinematographic sequels ever (and why they shouldn’t exist)")
