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RYE, N.Y., Jan. 20, 2021 /PRNewswire/ -- Authentic Equity Acquisition Corp. (the "Company"), 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.