10X Capital Venture Acquisition Corp Announces Closing of $175 Million Initial Public Offering
November 27 2020 - 4:10PM
10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) (the
“Company”) today announced that it closed its initial public
offering of 17,500,000 units. The offering was priced at $10.00 per
unit, resulting in gross proceeds of $175,000,000.
The units are listed on the Nasdaq Stock Market (“Nasdaq”) and
commenced trading under the ticker symbol “VCVCU” on November 24,
2020. Each unit consists of one share of Class A common stock and
one-half of one redeemable warrant, with each whole warrant
exercisable to purchase one share of Class A common stock at a
price of $11.50 per share. Only whole warrants will be exercisable.
Once the securities comprising the units begin separate trading,
the shares of Class A common stock and warrants are expected to be
listed on Nasdaq under the symbols “VCVC” and “VCVCW,”
respectively.
10X Capital Venture Acquisition Corp is a blank-check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. The
Company intends to focus on identifying high growth technology and
tech-enabled businesses domestically and abroad in the consumer
internet, ecommerce, software, healthcare and financial services
industries, as well as other industries that are being disrupted by
advances in technology and on technology paradigms including
artificial intelligence, automation, data science, ecommerce and
Software-as-a-Service.
Wells Fargo Securities acted as the sole book-running manager
for the offering. The Company has granted the underwriters a 45-day
option to purchase up to an additional 2,625,000 units at the
initial public offering price to cover over-allotments, if any.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$175,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
November 27, 2020 reflecting receipt of the proceeds upon
consummation of the initial public offering and the private
placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the U.S. Securities and
Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus. Copies of
the prospectus relating to this offering may be obtained from Wells
Fargo Securities, Attention: Equity Syndicate Department, 500 West
33rd Street, New York, New York, 10001, at (800) 326-5897 or
emailing a request to cmclientsupport@wellsfargo.com.
A registration statement relating to these securities was
declared effective by the SEC on November 23, 2020. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Forward Looking-Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given that the proceeds of the offering will be
used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the initial
public offering filed with the SEC. Copies are available on the
SEC’s website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact
Colby Billhardt10X Capital(203) 313-5588colby@10xcapital.com
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