Federal Street Acquisition Corp. Announces Pricing of $400,000,000 Initial Public Offering

BOSTON–(BUSINESS WIRE)–Federal Street Acquisition Corp. (the “Company”), a newly organized
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, today announced the pricing of its initial public offering
of 40,000,000 units at a price of $10.00 per unit. The units will be
listed on the NASDAQ Capital Market and trade under the ticker symbol
“FSACU” beginning July 19, 2017. Each unit consists of one share of the
Company’s Class A common stock and one-half of one warrant, each whole
warrant entitling the holder thereof to purchase one share of Class A
common stock at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the Class A common stock
and warrants are expected to be listed on the NASDAQ Stock Market under
the symbols “FSAC” and “FSACW,” respectively.

Citigroup Global Markets Inc. and BofA Merrill Lynch are acting as joint
book-running managers of the offering. The Company has granted the
underwriter a 45-day option to purchase up to an additional 6,000,000
units at the initial public offering price to cover over-allotments, if
any.

The offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained from Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, Telephone: (800) 831-9146, Email: prospectus@citi.com
or BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte NC 28255-0001, dg.prospectus_requests@baml.com.

A registration statement relating to the securities has been declared
effective by the Securities and Exchange Commission (“SEC”) on July 18,
2017. 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 offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

This press release contains statements that constitute “forward-looking
statements,” including with respect to the proposed 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 preliminary prospectus for the
Company’s 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.

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