Lead Edge Growth Opportunities, Ltd Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Lead Edge Growth Opportunities, Ltd has announced the pricing of its initial public offering (IPO) at $10.00 per unit, aiming to raise capital through the sale of 30,000,000 units. Each unit comprises one Class A ordinary share and one-fourth of a warrant, with the whole warrant allowing the purchase of an additional share at $11.50. The IPO will trade on Nasdaq under the symbol 'LEGAU' starting March 23, 2021, with the closing expected on March 25, 2021. Credit Suisse and J.P. Morgan are the joint book-runners, and the offering includes an option for underwriters to purchase an additional 4,500,000 units.

Positive

• Successful pricing of the IPO at $10.00 per unit, raising significant capital.
• Strategic focus on high-quality technology-enabled businesses.
• Potential for additional capital through the underwriters' option for 4,500,000 units.

Negative

• Potential dilution of shares due to the offering of additional units.
• Completion of the IPO is uncertain and subject to various conditions.

Lead Edge Growth Opportunities, Ltd (the “Company”), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the pricing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and will trade under the ticker symbol “LEGAU” beginning 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 entitles the holder thereof to purchase one Class A ordinary share of the Company 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 ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “LEGA” and “LEGAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The offering is expected to close on March 25, 2021, subject to customary closing conditions.

The Company, which will be led by its Chairman and Chief Executive Officer, Mitchell H. Green, will pursue opportunities with high-quality software, Internet and technology-enabled companies. The Company’s sponsor is an affiliate of Lead Edge Capital Management, LLC, a growth equity investment firm based in New York, New York and Santa Barbara, California.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are serving as joint book-running managers for this offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus 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.

The registration statement relating to the securities became effective on March 22, 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering, search for an initial business combination 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 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/20210322005842/en/

FAQ

What is the ticker symbol for Lead Edge Growth Opportunities, Ltd?

The ticker symbol is 'LEGAU'.

How many units are being offered in the IPO by Lead Edge Growth Opportunities?

Lead Edge Growth Opportunities is offering 30,000,000 units in its IPO.

When will Lead Edge Growth Opportunities' IPO start trading?

The IPO is expected to start trading on March 23, 2021.

What are the components of each unit in the IPO?

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

What is the purpose of Lead Edge Growth Opportunities' IPO?

The IPO aims to raise capital for pursuing high-quality technology-enabled business combinations.