Authentic Equity Acquisition Corp., a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced that it closed its initial public offering of 20,000,000 units at $10.00 per unit and the sale of an additional 3,000,000 units at a price of $10.00 per unit pursuant to the underwriters' full exercise of their over-allotment option. Total gross proceeds from the offering were $230,000,000, before deducting underwriting discounts and commissions and other expenses. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. The units are listed on the Nasdaq Capital Market and trade under the ticker symbol "AEACU." Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols "AEAC" and "AEACW," respectively.

While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to pursue investments in a broad range of consumer products and services sectors, including, but not limited to, packaged and frozen foods, beverages, beer, wine and spirits, snacks, household products, pet products, consumer and marketing services and personal care products, including health and beauty and over-the-counter products. The Company is led by Chairman and Chief Executive Officer David Hooper, President and Chief Operating Officer Thomas Flocco, and Chief Financial Officer Todd Khoury. The Company's website is www.authenticequityacquisitioncorp.com.