21:08:35 EDT Mon 19 Apr 2021
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Leo Holdings III Corp. Announces Closing of Upsized $275 Million Initial Public Offering

2021-03-02 20:05 ET - News Release

LOS ANGELES, March 2, 2021 /PRNewswire/ -- Leo Holdings III Corp., (the "Company"), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its upsized initial public offering of 27,500,000 units at a price of $10.00 per unit which includes the partial exercise of the over-allotment option to purchase additional units. The units are listed on the New York Stock Exchange and trade under the ticker symbol "LIII.U". Each unit consists of one Class A ordinary share of the Company and one-fifth of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols "LIII" and "LIII WS," respectively.

Leo Holdings III is led by CEO and Director Lyndon Lea, co-founder and Managing Partner of Lion Capital; CFO and Director Robert Darwent, co-founder and Partner of Lion Capital; and Chairman Ed Forst, who currently serves as Chairman and Partner of Lion Capital. The company intends to focus on disruptive growth businesses with leading competitive positions led by dynamic management teams.  The intersection of technology and the consumer sector will be an area of primary focus for Leo.

The group's previous SPACs include Leo Holdings II (LHC.U), which went public earlier this month, and Leo Holdings, which went public in February 2018 and acquired Digital Media Solutions (DMS; +14% from $10 offer price) in July 2020.

Deutsche Bank Securities Inc. is serving as the underwriter for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,600,000 additional units at the initial public offering price to cover over-allotments, if any - 3,500,000 units were purchased to date pursuant to such option.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdq@db.com.

A registration statement relating to the securities became effective on February 25, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Leo Holdings III Corp.

Leo Holdings III Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. For more information, visit https://leoholdings.com/.

Chloe Gatta

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SOURCE Leo Holdings Corp.

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