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Tuscan Holdings Corp. Announces Pricing of $240 Million Initial Public Offering
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Tuscan Holdings Corp. Announces Pricing of $240 Million Initial Public Offering

NEW YORK–(BUSINESS WIRE)–Tuscan Holdings Corp. (NASDAQ: THCBU) (the “Company”)
announced today that its Registration Statement on Form S-1 (SEC File
No. 333-229657) was declared effective by the Securities and Exchange
Commission. The closing of the Company’s initial public offering of
24,000,000 units is expected to occur on or about March 7, 2019. Each
unit consists of one share of the Company’s common stock, par value
$.0001 per share (“Common Stock”), and one
warrant entitling the holder to purchase one share of Common Stock at a
price of $11.50 per share. Each Unit will be sold at an offering price
of $10.00 per unit for aggregate gross proceeds of $240,000,000. The
units commenced trading on Nasdaq on March 5, 2019. Once the securities
comprising the units begin separate trading, the common stock and
warrants are expected to be traded on Nasdaq under the symbols “THCB”
and “THCBW,” respectively.

The underwriters have been granted a 45-day option to purchase up to an
additional 3,600,000 units offered by the Company to cover
over-allotments, if any.

EarlyBirdCapital, Inc. acted as sole book-running manager and I-Bankers
Securities, Inc. acted as co-manager of the offering. The offering is
being made only by means of a prospectus, copies of which may be
obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New
York, NY 10017, Attn: Syndicate Department, 212-661-0200.

Tuscan Holdings Corp. is a blank check company organized for the purpose
of effecting a merger, capital stock exchange, asset acquisition, or
other similar business combination with one or more businesses or
entities, with an initial focus on target businesses in the cannabis
industry. However, the Company’s efforts to identify a prospective
target business will not be limited to any particular industry or
geographic region.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities 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 any such state or
jurisdiction.

Forward Looking Statements

This press release includes forward-looking statements that involve
risks and uncertainties. Forward looking statements are statements that
are not historical facts. Such forward-looking statements, including
with respect to the initial public offering and the anticipated use of
the proceeds thereof, are subject to risks and uncertainties, which
could cause actual results to differ from the forward looking
statements, including those set forth in the risk factors section of the
prospectus used in connection with the Company’s initial public
offering. No assurance can be given that the offering discussed above
will be completed on the terms described, or at all, or that the net
proceeds of the offering will be used as indicated. The Company
expressly disclaims any obligations or undertaking to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on which
any statement is based, except as required by law.

Contacts

Stephen A. Vogel
Chief Executive Officer
Tuscan Holdings Corp.
(646)
948-7100

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