Item 8.01 Other Events
As previously disclosed, on January 22, 2021, Oyster Enterprises Acquisition
Corp. (the "Company") consummated its initial public offering (the "IPO") of
20,000,000 units (the "Units"), each Unit consisting of one share of Class A
common stock of the Company, par value $0.0001 per share (the "Class A Common
Stock") and one-half of one redeemable warrant of the Company (each, a
"Warrant"), each whole Warrant entitling the holder thereof to purchase one
share of Class A Common Stock for $11.50 per share (subject to adjustment). The
Units were sold at a price of $10.00 per Unit, and the IPO generated gross
proceeds of $200,000,000.
Simultaneously with the closing of the IPO, the Company consummated a private
placement (the "Private Placement") with Oyster Enterprises LLC, its sponsor
(the "Sponsor"), and Imperial Capital, LLC and I-Bankers Securities, Inc., the
IPO's underwriters (the "Underwriters"), of an aggregate of 5,950,000 warrants
(the "Private Warrants") at a price of $1.00 per Private Warrant, generating
gross proceeds to the Company of $5,950,000.
On January 22, 2021, a total of $200,000,000 of the net proceeds from the IPO
and the Private Placement were deposited in a trust account (the "Trust
Account") established for the benefit of the Company's public stockholders at
JPMorgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company,
acting as trustee.
An audited balance sheet as of January 22, 2021 reflecting receipt of the net
proceeds from the IPO and the Private Placement is included as Exhibit 99.1 to
this Current Report on Form 8-K.
On January 25, 2021, the Underwriters exercised in full the option granted to
them by the Company to purchase up to 3,000,000 additional Units solely to cover
over-allotments, if any, which option was granted to them under the underwriting
agreement for the IPO. The sale of these 3,000,000 additional Units closed
today, January 28, 2021, generating gross proceeds of $30,000,000.
Simultaneously with the closing of the over-allotment option, the Company
consummated a private placement (the "Additional Private Placement") with the
Sponsor and the Underwriters of an aggregate of an additional 600,000 Private
Warrants at a price of $1.00 per Private Warrant, generating gross proceeds to
the Company of $600,000. On January 28, 2021, a total of $30,000,000 of the net
proceeds from the closing of the over-allotment option and the Additional
Private Placement were deposited into the Trust Account, resulting in a total
deposit of $230,000,000 in the Trust Account since the Trust Account was
established.
The Company's unaudited pro forma balance sheet reflecting receipt of the net
proceeds from the closing of the over-allotment option and the Additional
Private Placement on January 28, 2021 is included as Exhibit 99.2 to this
Current Report on Form 8-K.
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Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Audited Balance Sheet as of January 22, 2021
99.2 Unaudited Pro Forma Balance Sheet
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