Warburg Pincus Capital Corporation I-B (NYSE:WPCB.U) announced private placement of 8,666,667 pre-paid warrants at a price of $1.50 per warrant for gross proceeds of $13,000,000.50 on February 17, 2021. The company has entered into warrant purchase agreement with the investor. The transaction involves participation from Warburg Pincus Capital Corporation I-B Sponsor, L.P. 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 company may allot up to 1,000,000 additional warrants if the over-allotment option is exercised in full. The transaction will close concurrently with closing of public offering. If the underwriters’ over-allotment option is exercised in full the company will issue 9,666,667 warrants for gross proceeds of $14,500,000. The warrants one year lockup period after the completion of the company’s initial business combination.