Food & Beverage

Bite Acquisition Corp begins selling stock

February 12, 2021

Restaurant investment company, Bite Acquisition Corp. is pricing its upsized initial public offering of 17.5 million units at $10 per unit. The stock began trading today on the New York Stock Exchange as "BITE.U." Each unit consists of one share of common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of common stock at a price of $11.50 per share, a news release said. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be traded under the symbols "BITE" and "BITE WS," respectively.

Bite Acquisition Corp. was created to merge, exchange or buy shares, acquire assets or reorganize with businesses, most of which are in the North American restaurant sectors. This offering is expected to close Feb. 17, the release said.

EarlyBirdCapital Inc. is the sole book-running manager of the offering. The underwriters have a 45-day option to buy up to an additional 2.625 million units at the IPO offering price to cover any over-allotments.