Vickers Vantage Corp. I Announces Pricing of Upsized $120,000,000 Initial Public Offering

Rhea-AI Summary

Vickers Vantage Corp. I announced pricing for its initial public offering (IPO) of 12,000,000 units at $10.00 per unit. Trading is set to begin on January 7, 2021, under the ticker symbol VCKAU. Each unit comprises one ordinary share and half a redeemable warrant, with whole warrants allowing purchase of an ordinary share at $11.50. The company, a blank check firm, will seek a merger or acquisition target without limitations to specific industries. Maxim Group LLC is the sole book-running manager, and an additional 1,800,000 units may be purchased by underwriters.

Positive

• Initial public offering priced at $10.00 per unit, indicating investor interest.
• Potential for significant capital raise with 12 million units offered.
• The structure of the offering allows for future capital through redeemable warrants.

Negative

• Dilution risk for existing shareholders due to the issuance of new units.
• Uncertainty surrounding the completion of the offering as it is subject to numerous conditions.

NEW YORK, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Vickers Vantage Corp. I (the “Company”) announced today that it priced its initial public offering of 12,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Thursday, January 7, 2021, under the ticker symbol “VCKAU”. Each unit consists of one ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “VCKA” and “VCKAW,” respectively. 

Vickers Vantage Corp. I is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region. The Company is led by Jeffrey Chi, Chairman and Chief Executive Officer, Chris Ho, Chief Financial Officer and Director, and Special Advisor Dr. Finian Tan. 

Maxim Group LLC is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 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 Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on January 6, 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 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 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. 

Contacts

REDHILL Communications
Pranav Rastogi
Deputy Managing Director
+6587487919
pranav@redhill.asia
www.vickersventure.com

FAQ

What is the offering size for Vickers Vantage Corp. I (VCKAU)?

Vickers Vantage Corp. I is offering 12,000,000 units at $10.00 per unit.

When will Vickers Vantage Corp. I (VCKAU) begin trading?

Vickers Vantage Corp. I will start trading on January 7, 2021.

What does each unit of VCKAU consist of?

Each unit consists of one ordinary share and one-half of a redeemable warrant.

What is the purpose of the initial public offering by Vickers Vantage Corp. I?

The proceeds from the IPO will be used for potential mergers or acquisitions.

How many additional units can underwriters purchase for VCKAU?

Underwriters have a 45-day option to purchase up to an additional 1,800,000 units.