Blue Whale Acquisition Corp I, a special purpose acquisition company formed by an affiliate of Mubadala Capital, announced on Wednesday the price of its initial public offering of 20 million units at $10 per unit.
The units will be listed on the Nasdaq Capital Market (Nasdaq) in the US.
A statement read that the company is sponsored by Mubadala Capital, the asset management subsidiary of Mubadala Investment Company (Mubadala), the Abu Dhabi headquartered sovereign investor with 894 billion dirhams ($243 billion) of assets under management.
The company was formed to carry out diverse activities including merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the media, entertainment, and technology industries.
Each unit offered for sale consists of one Class A ordinary share, and one-fourth of one warrant to purchase one Class A ordinary share, for $10 per unit.
MIC Capital Partners (Public) Parallel Cayman, LP, the direct parent of the sponsor, has agreed to enter into a forward purchase agreement that will provide for the purchase, at its discretion, of up to $50 million forward purchase unit.
Each consists of one Class A ordinary share, or a forward purchase share, and one-fourth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination.
Parallel Cayman, LP has also committed to purchase 2 million units of the 20 million public shares sold in this offering at the offering price of $10.00 per unit.
When the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq.
Goldman Sachs & Co. LLC and BofA Securities are acting as book-running managers in the offering.
The Company has granted the underwriters a 45-day option to purchase up to 3 million additional units at the initial public offering price to cover over-allotments if any.
A registration statement relating to the securities sold in the initial public offering has been declared effective by the US Securities and Exchange Commission on August 3.
