Tribe Capital Growth Corp I Announces Closing of $276 Million Initial Public Offering

Rhea-AI Summary

Tribe Capital Growth Corp I (TCGC) has completed its initial public offering, raising $276 million by issuing 27.6 million units priced at $10.00 each. This includes 3.6 million units from the underwriters’ over-allotment option. The units, which consist of one share of Class A common stock and a quarter warrant, began trading on Nasdaq under the symbol ATVCU on March 5, 2021. TCGC aims to pursue a business combination with one or more businesses as a special purpose acquisition company.

Positive

• Raised $276 million from the IPO, enhancing capital for future business combination.
• Units trade on Nasdaq, increasing visibility and market presence.

Negative

• None.

Tribe Capital Growth Corp I (“the Company” or “TCGC”) announced today that the closing of its initial public offering of 27,600,000 units, including 3,600,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $276,000,000. The Company’s units began trading on Nasdaq Capital Market (“Nasdaq”) on March 5, 2021, under the ticker symbol “ATVCU.” Each unit consists of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant, each whole warrant enabling the holder to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “ATVC” and “ATVCW,” respectively.

TCGC is a special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. TCGC is sponsored by Tribe Arrow Holdings I LLC and affiliate of Tribe Capital Management LLC, a registered investment advisor.

TCGC is led by Arjun Sethi, Chairman and Chief Executive Officer, Omar Chohan, Chief Financial Officer, Sumit Mehta, Vice President and Ted Maidenberg, Secretary.

Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering.

The offering was being made only by means of a prospectus. Copies of the prospectus may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at prospectus@cantor.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 4, 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 an 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 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309006023/en/

FAQ

What are the details of Tribe Capital Growth Corp I's IPO under symbol ATVCU?

Tribe Capital Growth Corp I's IPO included 27.6 million units priced at $10.00 each, raising $276 million. The offering began trading on Nasdaq under the symbol ATVCU on March 5, 2021.

What is the purpose of Tribe Capital Growth Corp I's IPO?

The IPO aims to provide TCGC with capital to pursue mergers, acquisitions, or similar business combinations.

What does each unit in Tribe Capital Growth Corp I's IPO consist of?

Each unit consists of one share of Class A common stock and one-fourth of one redeemable warrant, allowing the holder to purchase additional shares.

How much capital was raised in the Tribe Capital Growth Corp I IPO?

$276 million was raised from the initial public offering.

When did Tribe Capital Growth Corp I start trading on Nasdaq?

Tribe Capital Growth Corp I began trading on Nasdaq on March 5, 2021, under the ticker symbol ATVCU.