NEW YORK, NY, Sept. 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- EF Hutton Acquisition Corporation I (the "Company") today announced the closing of its initial public offering of 11,500,000 units priced at $10.00 per unit, including 1,500,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The units are listed on the Nasdaq Global Market ("Nasdaq") and began trading on September 9, 2022 under the ticker symbol "EFHTU". Each unit consists of one share of common stock, one redeemable warrant and one right to receive 1/8 of one share of common stock upon the consummation of the initial business combination. Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, shares of common stock, warrants and rights are expected to be listed on Nasdaq under the symbols "EFHT", “EFHTW”, and "EFHTR," respectively.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies within the consumer and retail industry. The Company is led by Benjamin Piggott, the Company’s Chairman and Chief Executive Officer, Kevin M. Bush, the Company’s Chief Financial Officer, and Joseph Rallo and David Boral, the Company’s Co-Presidents.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), acted as the sole book running manager for the offering.
Loeb & Loeb LLPserved as legal counsel to the Company. Hogan Lovells US LLP served as counsel to EF Hutton.
“We are thrilled to announce the success of EF Hutton Acquisition Corporation I’s initial public offering. This transaction marks the eighteenth SPAC initial public offering closed by EF Hutton in 2022, bringing the total proceeds we have raised in connection with SPAC IPO transactions to over $5.6B since our inception in 2020,” stated Joseph Rallo, Chief Executive Officer of EF Hutton.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from EF Hutton, 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 syndicate@efhuttongroup.com.
A registration statement on Form S-1 (File No. 333-264314) relating to these securities was filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on September 8, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," including with respect to the Company’s initial public offering, the anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the initial public 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 initial public offering filed with the 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.
COMPANY CONTACT:
Benjamin Piggott
Chairman and Chief Executive Officer
Email: bpiggott@efhuttonacquisitioncorp.com
