Capitol Investment Corp. IV (NYSE: CIC.U), an investment vehicle formed by investor and entrepreneur Mark D. Ein, announced today that it has completed its initial public offering of 40,250,000 units, including 5,250,000 units from the full exercise of the underwriters' over-allotment option, with the offering raising aggregate gross proceeds of $402,500,000. Each unit consists of one Class A ordinary share and one third of one warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50.
Capitol Investment Corp. IV is a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business are not limited to a particular industry or geographic region. Capitol Investment Corp. IV is led by Chairman and Chief Executive Officer Mark D. Ein and President and Chief Financial Officer L. Dyson Dryden.
$402,500,000 of the proceeds received from this offering and a simultaneous private sale of warrants to the Company's sponsors and officers and directors was deposited into a trust account at JPMorgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company acting as trustee.
An audited balance sheet as of August 21, 2017 reflecting receipt of the proceeds upon consummation of the initial public offering and private sale of warrants will be issued by the Company and included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.