Motion Acquisition Corp. Announces Closing of $115,000,000 Initial Public Offering

New York, NY, Oct. 19, 2020 (GLOBE NEWSWIRE) — Motion Acquisition Corp. (the “Company”) announced today that it consummated its initial public offering of 11,500,000 units at $10.00 per unit. The offering resulted in gross proceeds to the Company of $115 million.

The Company’s units are listed on The Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “MOTNU” on October 15, 2020.  Each unit consists of one share of the Company’s Class A common stock and one-third 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, subject to adjustment. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “MOTN” and “MOTNW,” respectively.

Motion Acquisition Corp. 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 or entities. While the Company may pursue an initial target business in any industry or sector, it initially intends to focus its search on target businesses in connected vehicle industries globally, which include companies providing transportation software and cloud solutions for fleet management, freight and logistics, and mobile asset management applications.

Barclays acted as the sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,725,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: Barclaysprospectus@broadridge.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on October 14, 2020.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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 contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Michael Burdiek
Chief Executive Officer
Motion Acquisition Corp.
info@motionacquisition.com
212-818-8800

Source

Leave a Reply

Your email address will not be published. Required fields are marked *