Experience Investment Corp., a travel- and leisure-focused blank-check company, which is backed by private equity firm KSL Advisors LLC, filed for an IPO of 25.0 million units.
Each unit has an offering price of $10.00 and consists of 1 share of class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable at $11.50 apiece.
The company has granted a 45-day option to the underwriters to acquire up to 3,750,000 additional units to cover any overallotments.
The company's sponsor, Experience Sponsor LLC, agreed to buy 4,666,667 warrants at $1.50 per whole warrant in a private placement that will close simultaneously with the offering. If the overallotment option is exercised, the sponsor will acquire 5,166,667 warrants.
The company's initial stockholders, which include Experience Sponsor, own 7,187,500 shares of Experience Investment's class B common stock.
The Denver-based company aims to list its units on NASDAQ under the symbol EXPCU. It expects that its class A common stock and warrants will be listed under the symbols EXPC and EXPCW, respectively, once the class A common stock and warrants commence separate trading.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the underwriters for the IPO.
