NEW YORK, Jan. 19, 2022 (GLOBE NEWSWIRE) — Papaya Growth Opportunity Corp. I (the “Company”) today announced the closing of its initial public offering and the exercise of the over-allotment option in full by the underwriters in the sale of an aggregate of 28,750,000 units ( including 3,750,000 units issued as part of the full exercise of the over-allotment option). The offering was priced at $10.00 per Unit, generating gross proceeds of $287,500,000.
The Company’s units began trading on the Nasdaq Global Market (“Nasdaq”) under the symbol “PPYAU” on January 14, 2022. Each unit consists of one Class A common stock and one-half warrant, each whole warrant entitling its holder to purchase one Class A common share at a price of $11.50 per share. Only whole Warrants are exercisable and will be traded. Once the securities comprising the units begin trading separately, the Class A common stock and the warrants are expected to trade on Nasdaq under the symbols “PPYA” and “PPYAW”, respectively.
Cantor Fitzgerald & Co. acted as the sole bookkeeper for the offering.
Of the proceeds received from the completion of the Offer and a concurrent private placement of Units, $293.25 million was placed in the Company’s trust account. An audited balance sheet of the Company as of January 19, 2022 reflecting the receipt of proceeds upon completion of the offering and the private placement will be included as an attachment to a current report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus. Copies of the final offering prospectus may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York 10022.
A registration statement relating to these securities has been filed with and declared effective by the SEC on January 13, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will also be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
ABOUT PAPAYA GROWTH OPPORTUNITY CORP. I
The Company is a blank check corporation incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses . The Company has not selected any specific business combination objective. The company is supported by a management team led by Chairman Patrick Pohlen, Chief Executive Officer Clay Whitehead, Chairman Alexander Spiro and Chief Financial Officer and Secretary Daniel Rogers.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements”, including with respect to an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s registration statement for the offering filed with the SEC. Copies are available on the SEC website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
contacts:
Papaya Growth Opportunity Corp. I
white head of clay
Chief executive officer
E-mail: clay@papayagrowth.com