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Recharge Acquisition Corp. Announces Closing of $200,000,000 Initial Public Offering

New York, NY, Oct. 05, 2020 (GLOBE NEWSWIRE) -- Recharge Acquisition Corp. (NASDAQ: RCHGU) (the a??Companya??) announced today that it closed its initial public offering of 20,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $200,000,000. The Company granted the underwriters in the initial public offering, a 45-day option to purchase up to 3,000,000 additional units solely to cover over-allotments, if any.The Companya??s units are listed on the Nasdaq Capital Market (a??Nasdaqa??) and commenced trading under the ticker symbol a??RCHGUa?? on October 1, 2020. Each unit consists of one share of the Companya??s Class A common stock and one-half of one redeemable warrant, each whole warrant entitling 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. A 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 a??RCHGa?? and a??RCHGW,a?? 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 initial business combination target in any business or industry, it intends to focus its search on companies in the convenience store industry. The Company is led by Chairman, Rajesh Soin, ChiefA Executive Officer, Anthony Kenney, and Chief Financial Officer, Michael Gearhardt. Raymond James & Associates, Inc. and EarlyBirdCapital, Inc. are acting as the joint book running managers for the offeringOf the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $202,000,000 (or $10.10 perA unit sold in the public offering) was placed in the Companya??s trust account. An audited balance sheet of the Company as of October 5, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the a??SECa??).
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