Dallas, Texas, October 7, 2021 (GLOBE NEWSWIRE) – Astro Aérospatiale Ltée. (OTCQB: ASDN) (the “Company” or “Astro”) today announced the closing of the initial public offering of Parsec Capital Acquisition Corp. (“Parsec”) (NASDAQ: PCXCU), a Special Purpose Acquisition Company (“SPAC”) sponsored by the Company. Parsec is the first PSPC sponsored by Astro as part of its strategy to capitalize on management’s differentiated ability to seek out and acquire companies positioned for growth.
Parsec announced the closing of its initial public offering of 8,625,000 units at a price of $ 10.00 per unit, for total gross proceeds of $ 86,625,000. Each unit consisted of one Class A common share and one redeemable warrant. Each warrant entitles its holder to purchase one Class A common share at a price of $ 11.50 per share.
“We are excited to offer SPAC as a new vehicle to add value to our shareholders,” said President Bruce Bent. “Astro’s sponsorship illustrates our faith in the continued growth of our industry and the industries adjacent to it. “
Parsec is led by President and CEO Patricia Trompeter, a seasoned business leader with extensive M&A experience ($ 20 billion and over) and over 18 years of executive leadership at leading companies such as GE Capital. She is joined by Paul Haber, Chairman and CEO of Summit Bancorp Inc., with over 25 years of experience in the capital markets, including IPOs of 20 companies. Parsec is pursuing a first business combination in the space economy, technology and transport sectors, drawing on the significant industrial expertise of its management team and four independent directors.
“We believe there is significant unrealized value among mid-market aerospace, technology and transportation companies,” said Ms. Trompeter. “Over the past year, several multi-billion dollar aerospace companies have gone public by. There are many other innovative companies with a solid foundation ready for rapid growth across capital markets. Our team is dedicated to realizing this untapped value for our shareholders. “
The Units are now listed and traded on the Nasdaq Global Market (“Nasdaq”), under the symbol “PCXCU”. Once the securities comprising the Units begin to trade separately, the Class A Common Shares and Warrants are expected to be listed on Nasdaq under the symbols “PCX” and “PCXCW”, respectively.
EF Hutton, a division of Benchmark Investments, LLC, is acting as the sole book manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to 1,125,000 additional units at the initial public offering price to cover over-allotments, if any.
The offer is made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, a division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212 ) 404-7002, by fax at (646) 861-4697, or by email at [email protected].
About Astro Aerospace Ltd
Astro Aerospace is the developer of the world’s most advanced, autonomous and short-haul eVTOL (Electric Vertical Takeoff and Landing) aerial vehicles.
Our mission is to make unmanned and autonomous piloted vehicles accessible to anyone, anytime, anywhere, and to transform this exciting new aircraft into a mainstream mode of transportation.
Our vision is “Flight Made Easy”.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the sponsorship of Minority Equality Opportunities Acquisition Inc. and its proposed operations and management. Statements in this press release that are not statements of historical fact, including, but not limited to, statements identified by the use of terms such as “anticipate”, “appear”, “believe” , “Could”, “” expect “,” hope “,” indicate “,” intend “,” probably “,” could “,” could “,” could “,”, “could”, will “,” will “and other variations or negative expressions of these terms, are all” forward-looking statements “and involve a number of risks and uncertainties. These statements are based on what management believes are reasonable assumptions about based on information currently available, and include statements concerning the current intention, belief or expectations of the Company and its management. Potential investors are cautioned that such forward-looking statements do not are not guarantees of future performance and are subject to a wide range of external factors, uncertainties, business risks and other risks identified in documents filed by the Company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by these forward-looking statements. The Company expressly disclaims any obligation or commitment to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is made. is based, unless required by applicable laws and regulations.
No offer or solicitation
This communication does not constitute an offer to sell, the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there will be no sale of securities. in a jurisdiction in which such offering, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.