Petra Acquisition Inc. (PAIC) Prices 7M Unit IPO at $10/Unit

Petra Acquisition, Inc. (NASDAQ: PAIC) announced today that its Registration Statement on Form S-1 (SEC File No. 333-240175) was declared effective by the Securities and Exchange Commission. The closing of the Company’s initial public offering of 7,000,000 units is expected to occur on or about October 13, 2020. Each unit consists of one share of the Company’s common stock, par value $.0001 per share (“Common Stock”), and one warrant, with each warrant entitling the holder to purchase one share of Common Stock at a price of $11.50 per share. Each unit will be sold at an offering price of $10.00 per unit for aggregate gross proceeds of $70,000,000. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be traded on Nasdaq under the symbols “PAIC” and “PAICW,” respectively.

The underwriters have been granted a 45-day option to purchase up to an additional 1,050,000 units offered by the Company to cover over-allotments, if any.

LifeSci Capital LLC and Ladenburg Thalmann & Co. Inc. acted as joint book-running managers and Northland Capital Markets and Ingalls & Snyder LLC acted as co-managers of the offering.

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