Blue Owl (NYSE:OWL), which completed its combination with Altimar Acquisition Corp. in May 2021, announced the results of the redemption of its outstanding redeemable warrants.
Pursuant to the amended Warrant Agreement, Blue Owl redeemed its warrants for a redemption price of $0.10 per Public Warrant at 5:00 p.m. EST on August 18, 2022. The redemption was triggered due to the last sales price of the Class A Shares reaching at least $10.00 per share on each of twenty trading days within a thirty-day trading period ending on the third trading day prior to July 18, 2022.
Of the 14,159,048 warrants that were outstanding on July 18, 2022, approximately 14,553 were exercised for cash at $11.50 per share in exchange for 14,553 Class A Shares and 8,961,029 were exercised on a cashless basis in exchange for 2,141,601 Class A Shares. Blue Owl was able to generate $171,185 in total proceeds from the exercises of the public warrants. Following the redemption, the company expects to have zero public warrants, 5 million private placement warrants and 442,117,260 of Class A Shares outstanding.
Altimar originally announced its $12.1 billion combination with Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group LLC to form Blue Owl Capital Inc., an alternative asset management firm with over $45.0 billion in assets under management, in December 2020. New York-based Owl Rock Capital Group is a direct lending platform with approximately $23.7 billion of assets under management. Owl Rock’s platform consists of multiple investment funds and products including business development companies.
Blue Owl Capital Inc.’s Dyal Capital arm was recently in preliminary discussions to acquire a stake in private equity firm PAI Partners.
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