ScION Tech Growth II Announces Pricing of $300 Million Initial Public Offering
ScION Tech Growth II announced its initial public offering (IPO) of 30 million units, priced at $10 each, to trade on Nasdaq under the symbol SCOBU, starting February 10, 2021. Each unit comprises one Class A ordinary share and one-third of a warrant, exercisable at $11.50. ScION aims to merge with technology-enabled businesses, particularly in financial services, and is sponsored by ION Investment Group. Citigroup Global Markets is the book-running manager and has a 45-day option to purchase up to 4.5 million additional units.
- Initial public offering of 30 million units at $10 each, indicating strong investor interest.
- Focus on technology-enabled businesses in the financial services sector, potentially driving future growth.
- Underwriter option to purchase an additional 4.5 million units, demonstrating confidence in the offering.
- Potential dilution of shares if the underwriter exercises its option for additional units.
LONDON, UNITED KINGDOM, Feb. 09, 2021 (GLOBE NEWSWIRE) -- ScION Tech Growth II (“ScION” or the “Company”) announced today the pricing of its initial public offering of 30,000,000 units at
ScION is a newly organized blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus its search for an initial business combination on technology-enabled businesses that offer specific technology solutions, broader technology software and services in the financial services sector.
The Company is sponsored by an affiliate of ION Investment Group Limited (“ION”), a technology software investment company and an operator of global technology businesses, providing mission-critical workflow automation software, data and analytics to financial institutions, governments and corporations around the world.
The Company is led by Executive Chairman Andrea Pignataro, ION’s founder, Chief Executive Officer Mathew Cestar, the former Co-Head of Credit Suisse’s EMEA Investment Banking and Capital Markets division, and Chief Financial Officer Alex Triplett, ION’s Head of Corporate Development.
Citigroup Global Markets Inc. is acting as book-running manager of the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.
A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 9, 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 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 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.
For further information, please contact:
ScION Tech Growth II
All product and company names herein may be trademarks of their registered owners.
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