OTR Acquisition Corp. (Nasdaq: OTRAU) 1 C + 1/2 Warrant
Ipo Trust $10.25
1W +$11.50. Call $18. Pipe protect below $9.20
Closed November 19, 2020
target businesses with enterprise values of approximately $500 million to $2.5 billion. We have not selected any specific business combination target
Of the proceeds we receive from this offering and the sale of the private placement warrants described in this prospectus, $102,500,000 or $117,875,000 if the underwriters’ over-allotment option is exercised in full ($10.25 per unit in either case) will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee,
Our sponsor is controlled by affiliates of Nicholas J. Singer, our Chairman and Chief Executive Officer, and Purchase Capital LLC, an investment firm founded by Mr. Singer. Purchase Capital serves as Mr. Singer’s family office and sponsor to leading institutional investors and third-party family offices. Purchase Capital provides patient capital for private and public companies that have significant potential for long-term value creation.
Our management team and board of directors will consist of experienced deal makers, operators, and professional investors. Our Chairman and Chief Executive Officer, Nicholas J Singer has over 20 years of investing experience spanning public markets, distressed debt, direct lending, and private equity. A hallmark of Mr. Singer’s career has been his ability to source and structure Off-The-Run (“OTR”) transactions that have resulted is significant value creation for his investors. An OTR transaction is off-market, proprietary, and generated specifically by our management team.
Mr. Singer has also had a highly successful parallel career as an entrepreneur. He was Co-Founder of two successful asset management businesses, Cyrus Capital, a registered investment advisor with $5 billion assets under management (“AUM”) and Standard General, a registered investment advisor with $1 billion AUM. He was also a Founding Investor & Director of Virgin America Inc. and the Founder of United Parks LLC, a diversified amusements company.
Mr. Anderson is an executive with over 25 years of financial and operational business experience. He is currently the Chief Financial Officer of United Parks, the owner and operator of amusement parks and water parks throughout the country. Over the course of his career, he has served as Chief Executive Officer and Chief Financial Officer in companies across multiple industries.
Mr. Neithardt is an investor and deal maker with approximately 30 years of finance and private equity experience in transaction origination, transaction execution and post-acquisition management. He is currently the Founder and Managing Partner of Hammock Park Capital LLC, a private equity firm focused on special situations and turnaround investment opportunities in the middle market. He is also a Co-Founder and Senior Partner of General American Capital Partners, LLC, an independent private equity sponsor focused on partnering with proven management teams to create long-term shareholder value.
Mr. Gray brings over 40 years of experience in commercial lending and specialty finance within banks and non-bank lenders, with approximately 20 years of which involved positions of executive leadership. Most recently, he was hired to lead a turn-around of CalWest Bank, a $225 million asset commercial bank, through a recapitalization in 2015, which culminated in a sale of the bank in the midst of the COVID pandemic for 1.3x tangible book value.
Mr. Besner is an investor with approximately two decades of experience in both public and private markets. He is currently a Principal at SoundPoint Capital, an institutional credit investing and hedge fund platform with over $20 billion of assets under management, and was previously a Director at Taconic Capital, a global institutional investment firm with over $5 billion of assets under management.
(“OTR Acquisition Corp.” or the “Company”) today announced the closing of its previously announced initial public offering of 10,000,000 units at a price of $10.00 per unit. The Company’s units commenced trading on Tuesday, November 17, 2020 on the Nasdaq Capital Market (“Nasdaq”) under the symbol “OTRAU.” Each unit consisted of one share of Class A common stock and one half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock 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 traded on Nasdaq under the symbols “OTRA” and “OTRAW,” respectively. No fraction warrants will be issued upon separation of the units and only whole warrants will trade. The Company granted the underwriters a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price to cover over-allotments, which the underwriters partially exercised for an additional 447,350 units, leaving 1,052,650 units still available under the option.
Maxim Group LLC acted as sole book-running manager for the offering.