Atlantic Avenue Acquisition Corp announced that it has entered into a private placement warrants purchase agreement with Jasana, Inc. and ASA Co-Investment for a private placement of 4,666,667 warrants at a price of $1.5 per warrant for gross proceeds of $7,000,000 on August 5, 2020. An over-allotment option has been given to the underwriters to issue 5,166,667 warrants in the transaction. Each private placement warrant is exercisable to purchase one share of company's Class A common stock at $11.50 per share. The warrants will expire in five years. The securities issued will be subject to a hold period of 30 days after the completion of the concurrent business combination transaction. The warrants issued to ASA Co-Investment will be subject to 180-day lock-up period. The warrants are non-redeemable. Jasana, Inc. will purchase 2,833,334 private placement warrants or 3,136,905 private placement warrants if the overallotment option is exercised in full and ASA Co-Investment will purchase 1,833,333 private placement warrants, or 2,029,761 private placement warrants if the over-allotment option is exercised in full.