Willkie Advises Genesis Park Acquisition Corp. on $150 Million Initial Public Offering

December 2, 2020

Genesis Park Acquisition Corp. is a new blank check company that it intends to focus on targets in the aerospace and aviation services industries.

On November 27, Willkie client Genesis Park Acquisition Corp. consummated its IPO of 16,377,622 units, including the issuance of 1,377,622 units as a result of the underwriter’s partial exercise of its over-allotment option. Each unit consists of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant entitling its holder to purchase one Class A ordinary share at a price of $11.50 per share. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $163,776,220. The units were listed on The New York Stock Exchange and began trading under the ticker symbol "GNPK.U" on November 24.

Simultaneously with the closing of the IPO, Genesis Park consummated the private placement with its sponsor of an aggregate of 7,292,541 warrants, and with the underwriter of an aggregate of 439,627 warrants, each at a price of $1.00 per warrant, generating total proceeds of $7,732,168.

Genesis Park is a new blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While Genesis Park may pursue an acquisition opportunity in any industry or sector, it intends to focus on targets in the aerospace and aviation services industries. The sponsor, Genesis Park Holdings, was capitalized by investment funds managed by Genesis Park II LP, which was founded by Paul W. Hobby.

The Willkie deal team was led by partners William Gump, Angela Olivarez and Sean Ewen and associates Thomas Sharkey and Kevin Tarsa.