5:01 Acquisition Corp. (NasdaqCM:FVAM) announced a private placement of 360,000 class A common shares at a price of $10 per share for gross proceeds of $3,600,000 to 5:01 Acquisition LLC on September 10, 2020. The company may issue up to 384,000 class A common shares, if the underwriter’s over-allotment option is exercised in full for gross proceeds of $3,840,000 in the transaction. The shares are subject to limited exceptions, and are not to be transferred, assigned or sold until the earlier to occur of, one year after the completion of the initial business combination or subsequent to the initial business combination, the date on which the company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their common stock for cash, securities or other property.