G&P Acquisition Corp. (NYSE:GAPA.U) announced private placement of 6,000,000 pre-paid warrants at a price of $1 per warrant for gross proceeds of $6,000,000 on February 12, 2021. The company has entered into warrant purchase agreement with the investor. The transaction involves participation from G&P Sponsor, LLC. Each private placement warrant is exercisable for one share of class A common stock at a price of $11.50 per share. Once the warrants become exercisable, the company may redeem the outstanding warrants for cash. The transaction will close concurrently with closing of public offering. If the underwriters’ over-allotment option is exercised in full the company will issue 6,600,000 warrants for gross proceeds of $6,600,000.