PE-backed blank check company Authentic Equity Acquisition closes IPO

Authentic Equity Acquisition Corp. has completed an IPO of 20.0 million units at $10.00 per unit with the full exercise of the underwriters' overallotment option to buy 3.0 million additional units, for aggregate gross proceeds of $230.0 million.

The Authentic Equity LLC-backed special purpose acquisition company will seek investments in the consumer products and services sectors.

Each unit consists of one class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to buy one class A ordinary share at a price of $11.50 apiece.

The units are listed on the Nasdaq Capital Market under the ticker AEACU, while the class A ordinary shares and warrants are set to trade under the symbols AEAC and AEACW, respectively.

Jefferies LLC and BMO Capital Markets Corp. are joint bookrunning managers for the IPO.