10X Capital Venture Acquisition Corp Announces Closing of $175 Million Initial Public Offering

Rhea-AI Summary

10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) has successfully closed its initial public offering, raising $175 million from the sale of 17.5 million units, priced at $10.00 each. The units, consisting of one share of Class A common stock and one-half of a redeemable warrant, began trading on November 24, 2020. The company aims to identify high-growth technology and tech-enabled businesses for future mergers or acquisitions. Wells Fargo Securities acted as the sole book-running manager, with an option for underwriters to purchase additional units.

Positive

• Raised $175 million from initial public offering.
• Focus on acquiring high-growth technology businesses.
• Potential for strong market expansion in technology sectors.

Negative

• None.

New York, NY , Nov. 27, 2020 (GLOBE NEWSWIRE) -- 10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) (the “Company”) today announced that it closed its initial public offering of 17,500,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $175,000,000.

The units are listed on the Nasdaq Stock Market (“Nasdaq”) and commenced trading under the ticker symbol “VCVCU” on November 24, 2020. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “VCVC” and “VCVCW,” respectively.

10X Capital Venture Acquisition Corp is a blank-check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on identifying high growth technology and tech-enabled businesses domestically and abroad in the consumer internet, ecommerce, software, healthcare and financial services industries, as well as other industries that are being disrupted by advances in technology and on technology paradigms including artificial intelligence, automation, data science, ecommerce and Software-as-a-Service.

Wells Fargo Securities acted 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 2,625,000 units at the initial public offering price to cover over-allotments, if any.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $175,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of November 27, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or emailing a request to cmclientsupport@wellsfargo.com.

A registration statement relating to these securities was declared effective by the SEC on November 23, 2020. 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.

Forward Looking-Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the 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 prospectus for the initial public 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.

Contact

Colby Billhardt
10X Capital
(203) 313-5588
colby@10xcapital.com

FAQ

What is the purpose of the initial public offering by 10X Capital Venture Acquisition Corp?

The IPO aims to raise capital for future mergers and acquisitions in high-growth technology sectors.

When did 10X Capital Venture Acquisition Corp's units start trading?

The units began trading on November 24, 2020.

What is the ticker symbol for 10X Capital Venture Acquisition Corp?

The ticker symbol for the company is VCVCU.

How much capital did 10X Capital Venture Acquisition Corp raise through its IPO?

The company raised $175 million through its initial public offering.

What type of businesses is 10X Capital Venture Acquisition Corp looking to acquire?

The company is focused on high-growth technology and tech-enabled businesses across various industries.