On September 30, 2020, QELL Acquisition Corp. raised $330 million in an initial public offering by issuing 33 million units at an offering price of $10.00 per unit. Each of the 33 million units has an offering price of $10.00 and consists of one share of Class A common stock and one-third of one Redeemable Warrant. Loop Capital Markets served as a co-manager on the deal.
QELL 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 shareholder vote to approve an amendment to the amended and restated memorandum and articles of association that would modify the substance and timing of the obligation to redeem 100% of the public shares if QELL Acquisition Corp. does not complete an initial business combination within the completion window.