Agile Growth Corp. Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Agile Growth Corp. has announced the pricing of its initial public offering (IPO) of 30,000,000 units at $10.00 each, slated to trade on Nasdaq under the symbol 'AGGRU' starting March 10, 2021. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, with whole warrants allowing the purchase of one Class A share at $11.50. The IPO is expected to close on March 12, 2021, subject to standard conditions. Citigroup and Jefferies are the joint book-running managers for the offering, which includes a 45-day option for underwriters to purchase an additional 4,500,000 units.

Positive

• Initial public offering of 30,000,000 units at $10.00 each expected to attract significant market interest.
• Potential for investor growth with Class A shares and redeemable warrants.

Negative

• Forward-looking statements indicate uncertainty regarding the completion of the IPO and use of net proceeds.
• Possibility of dilution if underwriters exercise their option for additional units.

Agile Growth Corp. (the “Company”), a newly incorporated blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, today announced the pricing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market (the “Nasdaq”) and trade under the ticker symbol “AGGRU” beginning March 10, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on the Nasdaq under the symbols “AGGR” and “AGGRW,” respectively.

The Company is sponsored by Agile Growth Sponsor, LLC, an entity founded by Jay Bhatt. The Company will be led by Jay Bhatt, John Newton, Tony Aquilina, Tony Grout and Sally Baraka. In addition to Mr. Bhatt and Mr. Newton, the Company’s board of directors will include Steven Alesio, Carol Bartz, Carl Bass, Jack Egan, Jim Heppelmann and Philip Pead. While the Company may pursue an initial business combination target in any industry, it currently intends to pursue opportunities in the technology and software industry.

Citigroup Global Markets Inc. and Jefferies LLC are serving as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is expected to close on March 12, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 800-831-9146 or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at prospectus_department@jefferies.com.

A registration statement relating to the securities became effective on March 9, 2021. 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 proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission (“SEC”). Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005359/en/

FAQ

What is the ticker symbol for Agile Growth Corp's IPO?

The ticker symbol for Agile Growth Corp's IPO is 'AGGRU'.

How many units is Agile Growth Corp offering in its IPO?

Agile Growth Corp is offering 30,000,000 units in its IPO.

When will Agile Growth Corp's IPO close?

The IPO is expected to close on March 12, 2021.

What does each unit in Agile Growth Corp's IPO consist of?

Each unit consists of one Class A ordinary share and one-third of a redeemable warrant.

What price per share is set for the redeemable warrants?

The redeemable warrants allow the purchase of one Class A ordinary share at $11.50.