On October 2, 2020, Atlantic Street Avenue Corp raised $250 million in an initial public offering by issuing 25 million units at an offering price of $10.00 per unit. Each of the 25 million units has an offering price of $10.00 and consists of one share of Class A common stock and one-half of one Redeemable Warrant. Loop Capital Markets served as a co-manager on the deal.
Atlantic Avenue Acquisition Corp intends to deposit all the net proceeds from this offering into a trust account. The proceeds will not be released until the earliest to occur of: the completion of an initial business combination, the redemption of the public shares issued in this offering if unable to complete an initial business combination within 24 months from the closing of this offer, and the redemption of any public shares properly submitted in connection with a stockholder vote to amend the amended and restated certificate of incorporation to modify the substance and timing of the obligation to redeem 100% of the public shares if Atlantic Acquisition Corp does not complete an initial business combination within the completion window.