KL Acquisition Corp announced that it has entered into a warrant agreement with KL Sponsor LLC for a private placement of 4,666,667 warrants at an issue price of $1.5 per warrant for gross proceeds of $7,000,001 on December 16, 2020. The warrants will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, exercisable from the later of the date that is 30 days after the first date on which the company completes a business combination, and the date that is 12 months from the date of the closing of the transaction. The underwriters have been granted an over-allotment option to issue up to 5,166,667 warrants at a price of $1 per warrants for gross proceeds of $7,750,000 in the transaction. The warrants are not assignable or salable until 30 days after the completion of our initial business combination. The warrants are non-redeemable in nature. Once the warrants became exercisable, in whole or part in nature it can be redeemed at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, and twelve months from the closing of this offering. The transaction is expected to close along with the IPO. The securities issued will be pursuant to Rule 501(a)(3) of Regulation D of the Securities Act of 1933. The warrants will be subject to hold period.