Avalon Acquisition Inc. Inc. Announces Closing of Upsized $207.0 Million Initial Public Offering, Including Full Exercise of the Overallotment Option

SAN FRANCISCO, Oct. 08, 2021 (GLOBE NEWSWIRE) -- Avalon Acquisition Inc. (the “Company”), a newly organized blank check company incorporated as a Delaware company, today announced the closing of its initial public offering of 20,700,000 units, which included the full exercise of the underwriters' over-allotment option, at a price of $10.00 per unit, resulting in total gross proceeds of $207,000,000. Each unit consisted of one share of Class A common stock and three-fourths of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The Company's units commenced trading on the Nasdaq Global Market ("Nasdaq") on October 6, 2021, under the symbol "AVACU." Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "AVAC" and "AVACW," respectively.

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