On September 18, 2020, Equity Distribution Acquisition Corp. (the “Company”) consummated its initial public offering (the “IPO”) of 41,400,000 units (the “Units”), including the issuance of 5,400,000 Units as a result of the underwriter’s exercise in full of its over-allotment option. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-third of one redeemable warrant of the Company (“Public Warrant”), each whole Public Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $414,000,000.
Substantially concurrently with the consummation of the IPO, the Company completed the private sale (the “Private Placement”) of 6,853,333 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, to the Company’s sponsor, Equity Distribution Sponsor LLC, generating gross proceeds to the Company of approximately $10,280,000.
A total of $414,000,000, comprised of $405,720,000 of the proceeds from the IPO, including approximately $14,490,000 of the underwriters’ deferred discount, and $8,280,000 of the proceeds of the sale of the Private Placement Warrants, were placed in a trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. An audited balance sheet as of September 18, 2020 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| | (d) | Exhibits. The following exhibit is filed with this Form 8-K: |
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