Annual report pursuant to Section 13 and 15(d)

INITIAL PUBLIC OFFERING

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INITIAL PUBLIC OFFERING
9 Months Ended
Dec. 31, 2021
Initial Public Offering  
INITIAL PUBLIC OFFERING

NOTE 3. INITIAL PUBLIC OFFERING

 

On December 7, 2021, the Company consummated its Initial Public Offering of 25,000,000 SAILSM securities. Each SAILSM security consists of one Class A share, $0.0001 par value per share (the “Class A Shares”), and one-half of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A Share at an exercise price of $11.50 per share, subject to adjustment. The SAILSM securities were sold at an offering price of $10.00 per SAILSM securities, generating gross proceeds of $250,000,000.

 

On December 9, 2021, the underwriters’ exercised their over-allotment option and purchased an additional 3,750,000 SAILSM securities at a price of $10.00 per SAIL, generating additional gross proceeds of $37,500,000.