SoftBank's SVF Investment Corp. 2 Announces Closing of $230,000,000 Million Initial Public Offering
SVF Investment Corp. 2, trading under the ticker symbol SVFB, successfully closed its initial public offering on March 11, 2021. The company sold 23,000,000 Class A ordinary shares at $10.00 each, raising $230,000,000 in gross proceeds. The offering included an over-allotment option that allowed for an additional 3,000,000 shares. An affiliate has committed to purchase $150,000,000 of Class A shares in a private placement related to future business combinations. SVF Investment Corp. 2 is backed by SoftBank Investment Advisers.
- Raised $230 million in gross proceeds from IPO.
- Plans to use funds for merger or acquisition opportunities in the technology sector.
- Forward purchase agreement ensures additional funding of $150 million.
- Potential dilution for existing shareholders due to new share offerings.
SAN CARLOS, Calif., March 11, 2021 /PRNewswire/ -- SVF Investment Corp. 2 (Nasdaq: SVFB) (the "Company") announced today the closing of its initial public offering of 23,000,000 Class A ordinary shares, including 3,000,000 shares issued pursuant to the full exercise of underwriters' over-allotment option, at a price to the public of
The Company's shares began trading on the Nasdaq Capital Market ("Nasdaq") on March 9, 2021, under the ticker symbol "SVFB". In addition, an affiliate of the sponsor entered into a forward purchase agreement that provides for the purchase of up to
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 Munish Varma, Managing Partner for SBIA, and Navneet Govil, the CFO of SBIA. Sunil Gulati and Fred Hochberg will serve on the board as independent directors.
Citigroup Global Markets Inc., UBS Securities LLC, Deutsche Bank Securities Inc., Cantor Fitzgerald & Co., and Mizuho Securities USA LLC acted as book running managers on the offering.
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; UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Syndicate , Fax +1 (212) 713-3371; 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; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com; and Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attention: Equity Capital Markets.
A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on March 8, 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.
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. 2
SVF Investment Corp. 2 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
Contacts
For investor inquiries: svfinvestmentcorp@softbank.com
For media inquiries: rowan@softbank.com
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SOURCE SVF Investment Corp
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