SoftBank's SVF Investment Corp. Announces Closing of $603,750,000 Initial Public Offering

Rhea-AI Summary

SVF Investment Corp. (Nasdaq: SVFAU) has closed its initial public offering, raising $603.75 million by issuing 60,375,000 units at $10.00 each, including 7,875,000 units from the underwriters' over-allotment option. Trading began on January 8, 2021. Each unit consists of one Class A ordinary share and one-fifth of a warrant. Additionally, there is a forward purchase agreement for $300 million in units. SVF Investment Corp. is sponsored by SoftBank Investment Advisers and aims to engage in mergers or acquisitions in technology sectors.

Positive

• Raised $603.75 million from the IPO, which can be used for business combinations.
• The forward purchase agreement indicates strong backing with potential additional capital of $300 million.

Negative

• The IPO may lead to stock dilution for current and future shareholders.
• Market uncertainties regarding the completion of future transactions could impact investor sentiment.

LONDON, Jan. 12, 2021 /PRNewswire/ -- SVF Investment Corp. (Nasdaq: SVFAU) (the "Company") announced today the closing of its initial public offering of 60,375,000 units, including 7,875,000 units issued pursuant to the full exercise of underwriters' over-allotment option, at a price to the public of $10.00 per unit, resulting in gross proceeds of $603,750,000.

The Company's units began trading on The Nasdaq Capital Market ("Nasdaq") on January 8, 2021, under the ticker symbol "SVFAU." Each unit consists of one Class A ordinary share, and one-fifth of one warrant to purchase one Class A ordinary share, for $10.00 per unit. In addition, an affiliate of the sponsor, entered into a forward purchase agreement that provides for the purchase of up to $300,000,000 forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fifth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to be closed substantially concurrently with the closing of the Company's initial business combination. When the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols "SVFA" and "SVFAW," respectively.

The Company is sponsored by SoftBank Investment Advisers ("SBIA"), the investment manager to the SoftBank Vision Funds. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in a technology-enabled sector. The company is led by Rajeev Misra, the CEO of SBIA, and Navneet Govil, the CFO of SBIA.

Registration statements relating to these securities were declared effective by the Securities and Exchange Commission ("SEC") on January 7, 2021. The public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website http://www.sec.gov; Citigroup Global Markets Inc., c/o 388 Greenwich Street, New York, New York, 10013, Telephone: 1-646-291-1469; Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Equity Capital Markets – Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60 Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, Fax: +1 (646) 374-1071; and Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

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.

For more information, please see www.svfinvestmentcorp.com.

Forward-looking statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds thereof. 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.

About SVF Investment Corp.

SVF Investment Corp. is a newly organized blank check company formed by an affiliate of SoftBank Investment Advisers ("SBIA"). Through the SoftBank Vision Funds, SBIA is investing up to $100 billion in many of the world's leading technology companies, including those we've helped take public such as 10X Genomics, Beike, DoorDash, Guardant Health, OneConnect, Opendoor, PingAn Good Doctor, Relay Therapeutics, Seer, Slack, Uber, View, Vir, and ZhongAn Insurance. SBIA's global reach, unparalleled ecosystem, and patient capital help founders build transformative businesses.

Contacts

Media contact:
SoftBank Investment Advisers
Rowan Brown: rowan@softbank.com

Investor Relations: svfinvestmentcorp@softbank.com

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SOURCE SVF Investment Corp.

FAQ

What was the total amount raised in SVFAU's IPO?

SVF Investment Corp. raised a total of $603.75 million in its IPO.

When did SVFAU start trading on Nasdaq?

SVF Investment Corp. began trading on Nasdaq on January 8, 2021.

What is included in each unit of SVFAU's IPO?

Each unit consists of one Class A ordinary share and one-fifth of a warrant to purchase one Class A ordinary share.

What is the purpose of SVFAU's forward purchase agreement?

The forward purchase agreement provides for the purchase of up to $300 million in additional units, allowing for potential growth.