Lead Edge Growth Opportunities, Ltd Announces Closing of Full Exercise of Underwriters’ Over-Allotment Option in Connection with its Initial Public Offering

Rhea-AI Summary

Lead Edge Growth Opportunities announced the closing of 4,500,000 additional units from the underwriters’ option, generating gross proceeds of $45,000,000. This brings the total gross proceeds from its initial public offering to $345,000,000. Each unit consists of one Class A ordinary share and one-fourth of a redeemable warrant. The securities trade under the ticker symbol 'LEGAU' on Nasdaq, aimed at mergers and acquisitions in technology sectors. Credit Suisse and J.P. Morgan served as joint book-running managers for this offering.

Positive

• Total gross proceeds from the IPO increased to $345 million.
• The additional offering successfully closed, indicating strong market interest.

Negative

• None.

Lead Edge Growth Opportunities, Ltd (the “Company”) announced today that it closed the issuance of an additional 4,500,000 units pursuant to the full exercise of the underwriters’ option to purchase additional units in connection with the Company’s previously announced initial public offering. The additional units were sold at a price of $10.00 per unit, resulting in gross proceeds of $45,000,000 and bringing the total gross proceeds of the Company’s initial public offering to $345,000,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “LEGAU” on March 23, 2021. Each unit consists of one Class A ordinary share of the Company and one-fourth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants will trade and are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “LEGA” and “LEGAW,” respectively.

The Company 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. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on high-quality software, Internet and technology-enabled companies. The Company is led by Chairman and Chief Executive Officer, Mitchell Green, Chief Financial Officer and President, Nimay Mehta, and Chief Operating Officer, Brian Neider. In addition to Messrs. Green, Mehta and Neider, the Company is supported by Lorrie Norrington, its Special Advisor. The Board of Directors includes Margaret C. Whitman, Nick Mehta, Sydney Carey and Russell D. Fradin.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as joint book-running managers of the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, Telephone: 1-800-221-1037, email: usa.prospectus@credit-suisse.com; or J.P Morgan Securities LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-866-803-9204, email: prospectus-eq_fi@jpmorgan.com.

A registration statement relating to the securities became effective on March 22, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the search for an initial business combination and the anticipated use of the net proceeds. No assurance can be given 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 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/20210413006226/en/

FAQ

What are the details of the recent issuance of units by LEGAU?

Lead Edge Growth Opportunities closed the issuance of 4,500,000 additional units at $10.00 per unit, raising $45 million.

How much has LEGAU raised in total from its IPO?

The total gross proceeds from LEGAU's IPO have reached $345 million.

What is included in each unit offered by LEGAU?

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

Who managed the offering for LEGAU?

Credit Suisse and J.P. Morgan acted as joint book-running managers for the offering.

What is the purpose of Lead Edge Growth Opportunities?

The company aims to pursue mergers and acquisitions, focusing on technology-enabled companies.