First Light Acquisition Group Completes $230M IPO

1 min read

First Light Acquisition Group completed its $230 million initial public offering, following the company’s pricing announcement of 20,000,000 units being sold at $10.00 each, GlobeNewswire reported on September 14th.

The Reston, Virginia-based blank check company was established for the purpose of entering into a business combination with one or more organizations to provide technology-enabled solutions and applications to government and industry customers.

Bill Weber, CEO and chairman of First Light Acquisition Group expressed his enthusiasm about the company’s IPO and commencement of NYSE trading in a LinkedIn post in September. 

As part of the initial public offering, the company’s units were listed on the New York Stock Exchange under the ticker symbol “FLAGU” for trading, beginning September 10th. Of the total number of units sold, 3,000,000 were issued pursuant to the full exercise by the underwriter of its over-allotment option.

Each of the offered units consisted of one share of First Light’s Class A common stock as well as one-half of a redeemable warrant of the company. One whole warrant allows the holder to purchase a share of First Light’s Class A common stock at $11.50 per share. 

Upon separate trading of the units, the Class A common stock and warrants will be listed under NYSE symbols “FLAG” and “FLAGW.” Guggenheim Securities acted as the sole bookrunner for the offering.

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