Edify Acquisition Corp announced that it will issue 4,500,000 warrants pre-paid warrants at a price of $1 per warrant for gross proceeds of $4,500,000 on December 28, 2020. The transaction will include participation from Colbeck Edify Holdings, LLC. Each warrant entitles the holder to purchase one class A common share at an exercise price of $11.50 per share.

The warrants will become exercisable on the later of 30 days after the completion of its initial business combination and 12 months from the closing of the initial public offering and will expire five years after the completion of its initial business combination or earlier upon redemption or liquidation. The company will issue 20,000,000 warrants for gross proceeds of $200,000,000 if the underwriters' option is exercised in full in the concurrent initial public offering. The warrants will be exercisable on a cashless basis and be redeemable, so long as they are held by the initial purchasers or their permitted transferees.

All securities, including the class A common shares issuable upon exercise of the warrants, will not be transferable, assignable, or salable until 30 days after the completion of our initial business combination. The company will issue securities pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. The company may issue up to 4,950,000 warrants if the underwriters' over-allotment option is exercised in full.