G3 VRM Acquisition Corp. Announces Pricing of $100.0 Million Initial Public Offering

Rhea-AI Summary

G3 VRM Acquisition Corp. (NASDAQ:GGGVU) announced the pricing of its initial public offering, selling 10,000,000 units at $10.00 each. The units will be listed on the Nasdaq starting July 1, 2021. Each unit comprises one share of Class A common stock and a right to one-tenth of a share upon completion of a business combination. The offering is set to close on July 6, 2021, with a 45-day option for underwriters to purchase an additional 1,500,000 units. The company targets businesses with values of $250 million to $500 million in technology and business services.

Positive

• Pricing of 10 million units at $10.00 each indicates strong investor interest.
• Targets acquisitions in the technology and business services sectors with potential for growth.

Negative

• The offering's success is uncertain and dependent on market conditions.
• Forward-looking statements contain risks and uncertainties, potentially affecting future performance.

BOSTON, MA / ACCESSWIRE / June 30, 2021 / G3 VRM Acquisition Corp. (NASDAQ:GGGVU) ("G3 VRM Acquisition" or the "Company") today announced the pricing of its initial public offering of 10,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "GGGVU" beginning July 1, 2021. Each unit consists of one share of Class A common stock and one right to receive one-tenth (1/10) of one share of Class A common stock upon the consummation of the Company's initial business combination. Once the securities comprising the units begin separate trading, the shares of Class A common stock and rights are expected to be traded on the Nasdaq under the symbols "GGGV" and "GGGVR," respectively.

Maxim Group LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriters a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on July 6, 2021, subject to customary closing conditions.

A registration statement relating to the securities was declared effective by the SEC on June 30, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, New York 10022. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

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.

About G3 VRM Acquisition Corp.
G3 VRM Acquisition Corp. is a newly organized 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. While it may pursue an initial business combination target in any business, industry or geographical location, it intends to focus its search on target businesses with enterprise values of approximately $250 million to $500 million within the technology and business services industry. The Company is sponsored by G3 VRM Holdings LLC, an affiliate of G2 Capital Advisors, LLC, a Massachusetts limited liability company that was founded in 2010 to provide financial advisory and investment banking services to middle-market companies leveraging deep industry sector specialization and capital markets expertise, and VerifyMe, Inc. (NASDAQ:VRME), a Nevada corporation and provider of comprehensive brand protection and customer engagement solutions.

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 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.

Company Contact:
Matthew Konkle
Chairman and Chief Executive Officer
Mkonkle@g3vrm.com

SOURCE: G3 VRM Acquisition Corp.

View source version on accesswire.com:
https://www.accesswire.com/653832/G3-VRM-Acquisition-Corp-Announces-Pricing-of-1000-Million-Initial-Public-Offering

FAQ

What is the purpose of G3 VRM Acquisition Corp.'s IPO?

The IPO aims to raise capital to pursue mergers or acquisitions in the technology and business services industry.

When will G3 VRM Acquisition Corp. begin trading on Nasdaq?

The company is expected to begin trading on Nasdaq on July 1, 2021.

How many units are being offered in the IPO?

G3 VRM Acquisition Corp. is offering 10,000,000 units in the IPO.

What is included in each unit offered by G3 VRM Acquisition Corp.?

Each unit consists of one share of Class A common stock and a right to receive one-tenth of a share upon business combination.

What is the expected closing date for the IPO?

The offering is expected to close on July 6, 2021, subject to customary conditions.