Item 8.01. Other Events.
On January 12, 2021, Pioneer Merger Corp. (the "Company") consummated an initial
public offering (the "IPO") of 40,250,000 units (the "Units") at an offering
price of $10.00 per Unit, which includes the exercise in full of the
underwriter's option to purchase an additional 5,250,000 Units at the initial
public offering price to cover over-allotments, and a private placement with
Pioneer Merger Sponsor LLC of 6,700,000 private placement warrants at a price of
$1.50 per warrant (the "Private Placement"). The net proceeds from the IPO
together with certain of the proceeds from the Private Placement, $402,500,000
in the aggregate (the "Offering Proceeds"), were placed in a trust account
established for the benefit of the Company's public shareholders and the
underwriter of the IPO with Continental Stock Transfer & Trust Company acting as
trustee. Except with respect to interest earned on the Offering Proceeds held in
the trust account that may be released to the Company to pay its income taxes,
if any, the Company's amended and restated memorandum and articles of
association provides that the Offering Proceeds will not be released from the
trust account (1) to the Company, until the completion of its initial business
combination, or (2) to its public shareholders, until the earliest of (a) the
completion of the its initial business combination, and then only in connection
with those Class A ordinary shares that such shareholders properly elected to
redeem, (b) the redemption of any public shares properly tendered in connection
with a shareholder vote to amend the Company's amended and restated memorandum
and articles of association (A) to modify the substance or timing of the
Company's obligation to provide holders of its Class A ordinary shares the right
to have their shares redeemed in connection with the Company's initial business
combination or to redeem 100% of its public shares if the Company does not
complete its initial business combination within 24 months from the closing of
the IPO or (B) with respect to any other provision relating to the rights of
holders of its Class A ordinary shares, and (c) the redemption of the public
shares if the Company has not consummated its business combination within 24
months from the closing of the IPO, subject to applicable law.
An audited balance sheet as of January 12, 2021 reflecting receipt of the
Offering Proceeds has been issued by the Company and is included as Exhibit 99.1
to this Current Report on Form 8-K.
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