NEW YORK, Oct. 7, 2014
/PRNewswire/ -- AR Capital Acquisition Corp. (the "Company")
announced the closing of its previously-announced initial public
offering of 24,000,000 units at an offering price of $10.00 per unit. The Company's units are listed
on the Nasdaq Capital Market under the trading symbol "AUMAU." Each
unit consists of one share of the Company's common stock and
one-half of one warrant. Each whole warrant will entitle the holder
to purchase one share of the Company's common stock at a price of
$11.50 per share. The Company has
granted the underwriters a 45-day option to purchase up to
3,600,000 additional units to cover over-allotments, if any.
AR Capital Acquisition Corp. was formed for the purpose of
acquiring one or more businesses through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination. Its efforts in identifying a
prospective target business are focused on, but not limited to, the
asset management sector. The Company's sponsor is AR Capital, LLC,
an investment management firm co-founded in 2007 by Nicholas S. Schorsch and William M. Kahane.
Citigroup acted as sole book running manager for the offering.
Ladenburg Thalmann, a subsidiary of Ladenburg Thalmann Financial
Services Inc. (NYSE MKT:LTS), acted as co-manager for the
offering.
A registration statement relating to these units and the
underlying securities was declared effective by the Securities and
Exchange Commission on October 1,
2014. This press release shall not constitute an offer to
sell nor the solicitation of an offer to buy any securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful.
The offering was made only by means of a prospectus, copies
which may be obtained from Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (800)
831-9146.
ABOUT AR Capital Acquisition Corp.
The Company is a newly organized blank check company formed for
the purposes of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. The Company has not
selected any business combination target and has not, nor has
anyone on its behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and the anticipated use of the net proceeds. No
assurance can be given that the offering discussed above will be
completed on the terms described, or at all, or 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
prospectus for the Company's offering filed with the Securities and
Exchange Commission ("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.
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SOURCE AR Capital Acquisition Corp.