Queen's Gambit Growth Capital Completes Initial Public Offering

Rhea-AI Summary

Queen's Gambit Growth Capital has successfully closed its initial public offering (IPO) of 34,500,000 units at $10.00 each, with the units trading on NASDAQ under the ticker symbol GMBTU since January 20, 2021. The IPO included 4,500,000 units from the underwriters' option. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, exercisable at $11.50. The company aims to merge with a target focused on sustainable development and disruptive solutions across various sectors.

Positive

• Successfully raised $345 million through IPO.
• Strategically positioned to identify disruptive companies promoting sustainable development.

Negative

• Potential dilution of shares due to additional warrants issued.

NEW YORK, Jan. 22, 2021 /PRNewswire/ -- Queen's Gambit Growth Capital (the "Company") today announced the closing of its initial public offering ("IPO") of 34,500,000 units at a price of $10.00 per unit, including 4,500,000 units issued pursuant to the underwriters' full exercise of its option to purchase additional units. The Company's units began trading on the Nasdaq Capital Market ("NASDAQ") under the ticker symbol "GMBTU" on January 20, 2021.

Each unit issued in the initial public offering consists of one of the Company's Class A ordinary shares, par value $0.0001 per share, and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NASDAQ under the symbols "GMBT" and "GMBTW," respectively.

The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a target whose business provides disruptive solutions promoting sustainable development, economic growth and prosperity. These include clean energy, emerging technology, mobility, financial technology, healthcare, and industrials.

Victoria Grace, the Company's Founder & Chief Executive Officer, said, "We are pleased to announce this important milestone and are grateful for the tremendous support received from a distinguished set of investors who recognize our differentiated value proposition."

Ms. Grace continued, "While we embrace the barriers that our Company has already broken, and firmly believe that diversity is great for business, we are first and foremost economically driven investors – actively seeking to identify an exceptional company, whose disruptive technologies and sustainable solutions are transforming its respective industry.  We believe that the depth of our collective financial and operational expertise, our track record and expansive network, will be instrumental in achieving the Company's objectives and further distinguishing our platform."

Barclays acted as the sole book-running manager and representative for the underwriters for the offering. R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC acted as joint co-managers for the offering.  Vinson & Elkins LLP served as legal counsel to the Company.

The offering was made only by means of a prospectus, copies of which may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: barclaysprospectus@broadridge.com, tel: (888) 603-5847.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on January 19, 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.

About Queen's Gambit Growth Capital
Queen's Gambit Growth Capital is a female-led special purpose acquisition company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company, led by Founder & Chief Executive Officer, Victoria Grace, intends to focus its search on identifying a target that is shaping the future of its sector by providing disruptive solutions that promote sustainable development, economic growth and prosperity.

Media Contacts:

Daniel Yunger / Lindsay Gross
Kekst CNC
daniel.yunger@kekstcnc.com / lindsay.gross@kekstcnc.com

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SOURCE Queen's Gambit Growth Capital

FAQ

What is the IPO price of Queen's Gambit Growth Capital units?

The IPO price for Queen's Gambit Growth Capital units was $10.00 each.

When did Queen's Gambit Growth Capital start trading on NASDAQ?

Queen's Gambit Growth Capital began trading on NASDAQ on January 20, 2021.

What are the components of the units offered in the IPO?

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

What is the exercise price of the warrants issued in the IPO?

The exercise price of the warrants is $11.50 per share.

What is the purpose of Queen's Gambit Growth Capital?

The company aims to effect mergers and acquisitions with targets that provide disruptive solutions for sustainable development.