Copley Acquisition (COPLU) said Friday it closed its initial public offering of 17.25 million units, including 2.25 million units after the underwriters exercised an over-allotment option in full, at $10 per unit, for gross proceeds of $172.5 million.
The units started trading on the New York Stock Exchange on Thursday under the ticker COPLU, the company said.
Each unit comprises one Class A share and one-half of one redeemable warrant, the company said, adding each whole warrant allows the holder to buy one Class A share at $11.50 per share.
Once the securities comprising the units start separate trading, the Class A shares and warrants are expected to be listed on NYSE under the tickers COPL and COPLW, respectively, the company said.
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