Item 8.01 Other Events.
On January 12, 2021, Provident Acquisition Corp. (the "Company") consummated its
initial public offering ("IPO") of 23,000,000 units (the "Units"). Each Unit
consists of one Class A ordinary share of the Company, par value $0.0001 per
share (the "Class A Ordinary Shares"), and one-half of one redeemable warrant of
the Company ("Warrant"), each whole Warrant entitling the holder thereof to
purchase one Class A Ordinary Share for $11.50 per share. The Units were sold at
a price of $10.00 per unit, generating gross proceeds to the Company of
$230,000,000.
Concurrently with the closing of the IPO, the Company completed the private sale
(the "Private Placement") of 6,600,000 warrants (the "Private Placement
Warrants") to Provident Acquisition Holdings Ltd. a purchase price of $1.00 per
Private Placement Warrant, generating gross proceeds to the Company of
$6,600,000.
A total of $230,000,000, comprised of $225,400,000 of the proceeds from the IPO,
including $8,050,000 of the underwriters' deferred discount, and $4,600,000 of
the proceeds of the sale of the Private Placement Warrants, was placed in a
U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by
Continental Stock Transfer & Trust Company, acting as trustee. An audited
balance sheet as of January 12, 2021 reflecting receipt of the proceeds upon
consummation of the IPO and the Private Placement has been issued by the Company
and is included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Audited Balance Sheet, as of January 12, 2021
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