Federal Street Acquisition Corp. Completes $460,000,000 Initial Public Offering – Press Release

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 closing of its initial public offering
of 46,000,000 units, which includes 6,000,000 units issued pursuant to
the exercise by the underwriters of their over-allotment option. The
offering was priced at $10.00 per unit, resulting in gross proceeds of
$460,000,000, before deducting underwriting discounts and commissions
and other offering expenses payable by the Company.

The Company’s units began trading on the NASDAQ Stock Market under the
ticker symbol “FSACU” on 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 will entitle the holder thereof to purchase one share of
the Company’s 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
Capital Market under the ticker symbols “FSAC” and “FSACW,” respectively.

Citigroup Global Markets Inc. and BofA Merrill Lynch served as joint
book-running managers of the offering.

The offering was made only by means of a prospectus, copies of which 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 (the “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.

Sard Verbinnen & Co.
Matt Benson, Robin Weinberg or Devin Broda
(212)
687-8080

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