Qell Acquisition Corp. Announces Launch of $300 Million Initial Public Offering

NEW YORK, Sept. 28, 2020 /PRNewswire/ -- Qell Acquisition Corp. (Nasdaq: QELLU, the "Company") announced today that it intends to commence its initial public offering of 30,000,000 units at $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to 4,500,000 units to cover over-allotments, if any.  The units are expected to be listed on the Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "QELLU." Each unit consists of one Class A ordinary share and one warrant to purchase one-third of one ordinary share at $11.50 per whole share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols "QELL" and "QELLW" respectively.

The Company was 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.  The Company intends to focus its search for a target in the next-generation mobility, transportation and sustainable industrial technology sectors, but may pursue a target in any stage of its corporate evolution or in any industry, sector or geographic location.

J.P. Morgan and Barclays are acting as joint book running managers in the offering.  The public offering will only be made by means of a prospectus.  Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by email at [email protected]; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone 1-888-603-5847, or by email at [email protected].

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (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, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

MEDIA CONTACT:  
Colleen Robar
313.207.5960
[email protected]

SOURCE Qell Acquisition Corp.