Troutman Pepper Hamilton Sanders LLP advised Adit EdTech Acquisition Corp. on the deal.
Adit EdTech Acquisition Corp. (“Adit EdTech”), a special purpose acquisition company, announced its initial public offering of 27,600,000 units (including 3,600,000 units issued pursuant to the exercise in full of the underwriters’ over-allotment option). Each unit consists of one share of common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of common stock at a price of $11.50 per share.
The units began trading on the New York Stock Exchange on January 12, under the symbol ADEX.U, and the initial public offering closed on January 14. Total gross proceeds of the initial public offering (including exercise of the underwriters’ over-allotment option) were $276M.
Adit EdTech is formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While Adit EdTech may pursue a business combination in any industry, it intends to focus its search for a business that would benefit from the founders’ and management team’s experience and ability to identify, acquire and manage a business in the education, training and education technology sectors.
The Troutman Pepper team included Patrick B. Costello (Picture), Joseph Walsh, Wallace Bao, Cagatay “Ty” Akkoyun, Joan C. Arnold and Morgan Klinzing.
Involved fees earner: Cagatay Akkoyun – Troutman Pepper Hamilton Sanders LLP; Joan Arnold – Troutman Pepper Hamilton Sanders LLP; Wallace Bao – Troutman Pepper Hamilton Sanders LLP; Patrick Costello – Troutman Pepper Hamilton Sanders LLP; Joseph Walsh – Troutman Sanders;
Clients: Adit EdTech Acquisition Corp.;