NYSE CLAS.U
Back to Investors

Class Acceleration Corp. Announces Closing of $258,750,000 Initial Public Offering

New York, NY, Jan. 20, 2021 (GLOBE NEWSWIRE) — Class Acceleration Corp.  (the “Company”) announced  today that  it  closed its  initial public  offering  of 25,875,000 units,  including  3,375,000  units issued  pursuant  to  the  full exercise by the underwriters of their over-allotment option. The offering  was priced at $10.00 per unit, resulting in gross proceeds of $258,750,000.

The Company’s units  are listed on  the New York  Stock Exchange (“NYSE”)  and commenced trading under the ticker symbol  “CLAS.U” on January 15, 2021.  Each unit consists of one share of the Company’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.  Once  the  securities comprising the units  begin separate  trading, the  shares of  Class A  common stock and warrants are expected to be listed on NYSE under the symbols  “CLAS” and “CLAS WS,” 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 education technology industry.  The Company is  led by Co-Executive  Chairmen, Joseph E.  Parsons  and Robert  C.  Daugherty, and  Chief  Executive  Officer, Michael T. Moe.

Of the proceeds received from the consummation of the initial public  offering and a simultaneous private placement of warrants, $258,750,000 (or $10.00  per unit sold in the public offering)  was placed in the Company’s trust  account. An audited balance  sheet of  the Company as  of January  20, 2021  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 (“SEC”).

Oppenheimer & Co. Inc. acted as the sole book running manager for the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com.

A registration statement relating to these securities has been filed with, and declared effective by, the SEC on January 14, 2021.  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  the  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  preliminary 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.