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Summary
- PWP Forward Acquisition Corp I, a blank check company headed by women, has decided to hit the big milestone of getting publicly listed in the week of International Women’s Day.
- Its units went up on the Nasdaq exchange under the ticker symbol of ‘FRWAU’ on Wednesday, March 10.
- Its offering is expected to close two days later on March 12.
PWP Forward Acquisition Corp I, a blank check company headed by women, has decided to hit the big milestone of getting publicly listed in the week of International Women’s Day.
Its units went up on the Nasdaq exchange under the ticker symbol of ‘FRWAU’ on Wednesday, March 10, and its offering is expected to close two days later on March 12.
On its first day of trading, PWP Forward dipped marginally by 0.2 per cent from its IPO price to close at US$ 9.98.
Let’s dive in to know more about PWP Forward Acquisition Corp I’s IPO.
PWP Forward Acquisition Corp I’s IPO – Key Highlights
Sponsored by financial services firm Perella Weinberg Partners, PWP Forward launched an initial public offering (IPO) of 20 million units at a price of US$ 10 apiece to raise gross proceeds of about US$ 200 million.
©Kalkine Group 2020
Each of PWP Forward’s unit comprise of one of its class A share and one-fifth of a redeemable warrant, which is exercisable at US$ 11.5.
A Delaware-based special public acquisition company (SPAC), PWP Forward said that it intends to indulge in a merger that will help enhance public financing opportunities for companies that are headed by women or are women-oriented.
Its IPO is being headed by investment banking company Citigroup Inc, with Siebert Williams Shank & Company, Telsey Advisory Group and Tigress Financial Partners acting as co-managers. The underwriters of PWP Forward’s IPO have been granted a 45-day option to buy up to an extra three million in case of any over-allotments.
A Little Background About PWP Forward & Perella Weinberg Partners
Perella Weinberg went public via a reverse merger with SPAC FinTech Acquisition Corp IV during Q4 2020, which is likely to close in the first half of 2021. In the light of the merger deal, FinTech and Perella Weinberg announced a private investment in public equity (PIPE) transaction of approximately US$ 125 million.
©Kalkine Group 2021
PWP Forward is headed by CEO and Director Stacia Ryan, who is also Perella Weinberg’ Co-Head of the Consumer Retail Group, and Chairperson Joseph Perella, who is one of the founding partners of Perella Weinberg.
Perella Weinberg released its 2020’s annual and fourth quarter financials in February, reflecting 10 per cent year-over-year (YoY) jump in its Q4 2020 revenue of US$ 189.1 million.
