One Equity Partners Open Water I Corp., a blank check company sponsored by affiliates of One Equity Partners and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced that it closed its initial public offering of 34,500,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their over-allotment option to purchase an additional 4,500,000 units. Total gross proceeds from the offering were $345,000,000, before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one share of Class A common stock of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. The units are listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "OEPW.U". Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols "OEPW" and "OEPWW," respectively.

Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC acted as lead book-running managers for the offering. Drexel Hamilton, LLC acted as lead manager for the offering.