NEW YORK, July 28, 2020 (GLOBE NEWSWIRE) -- RedBall Acquisition Corp. (the “Company” or “RedBall”) today announced that it has filed a registration statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of 50,000,000 units at a price of $10.00 per unit, consisting of one Class A ordinary share, and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The Company has applied to list its units on the New York Stock Exchange under the symbol “RBAC.U.”
RedBall is a new blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (the “Initial Business Combination”) with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on businesses in the sports, media and data analytics sectors, with a focus on professional sports franchises, which complement the management team’s expertise and will benefit from its strategic and hands-on operational leadership. The Company’s Sponsor, RedBall SponsorCo LP, is an affiliate of RedBird Capital Partners.
The Company has entered into forward purchase agreements pursuant to which RedBird Series 2019, LP and RedBird Series 2019 GP Co-Invest, LP (each, a “forward purchase party”), affiliates of the Sponsor, have agreed to purchase an aggregate of $100.0 million of the Company’s Class A ordinary shares for $10.00 per share in private placements that will close simultaneously with the Initial Business Combination. The forward purchase shares will be identical to the Class A ordinary shares included in the units being sold in the offering, except the forward purchase shares will be subject to transfer restrictions and certain registration rights. The funds from the sale of the forward purchase shares may be used for expenses in connection with the initial business combination or as part of the consideration to the sellers in the Initial Business Combination, and any excess funds may be used for the working capital needs of the post-transaction company. The forward purchase agreements are subject to conditions, including each of the forward purchase parties giving the Company its consent confirming its commitment to purchase the forward purchase shares no later than five days after notified by the Company of its board of directors’ intention to meet to consider entering into a definitive agreement for a proposed business combination. Each forward purchase party may each grant or withhold this consent entirely within its sole discretion. Accordingly, if each forward purchase party does not consent to the purchase, it will not be obligated to purchase the forward purchase shares. In addition, the Company has the right, in its sole discretion, to reduce the amount of forward purchase shares that each forward purchase party may purchase pursuant to the forward purchase agreements.
Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option from the date of the final prospectus to purchase up to an additional 7,500,000 units to cover over-allotments, if any.
The proposed offering will be made only by means of a prospectus, which forms a part of the Registration Statement. Copies of the preliminary prospectus relating to the proposed offering may be obtained, when available, for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282; telephone: (866) 471-2526; email: Prospectus-ny@ny.email.gs.com.
The Registration Statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the 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 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.
Contact:
Dan Gagnier
Gagnier Communications
646-569-5897