Conyers Park III Acquisition Corp. (NASDAQ: CPAAU), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, has closed its initial public offering of 35,000,000 units at a price of $10.00 per share. Total gross proceeds from the offering were $350,000,000 before deducting underwriting discounts and commissions and other offering expenses payable by the company.
The company’s units began trading on the Nasdaq Capital Market under the ticker symbol “CPAAU” on August 10. Each unit consists of one share of Class A common stock of the company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “CPAA” and “CPAAW,” respectively.
The Company’s management team is led by James Kilts and David West, as the co-chief executive officers, Brian Ratzan, as the chief financial officer, and Max Papkov, as the vice president of strategy.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as the underwriters for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.