10X Capital Venture Acquisition Corp Announces Closing of Underwriters’ Over-Allotment Option in Connection with its Initial Public Offering
10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) announced the successful closing of an additional 2,625,000 units as part of its IPO, raising $26.25 million. This brings the total gross proceeds to $201.25 million. The company aims to focus on high-growth sectors such as consumer internet, e-commerce, software, healthcare, and financial services.
The offering was led by Wells Fargo Securities, with the registration statement declared effective by the SEC on November 23, 2020.
- Raised an additional $26.25 million through the issuance of 2,625,000 units.
- Total gross proceeds from the IPO increased to $201.25 million.
- Focus on high-growth technology sectors could lead to significant investment opportunities.
- None.
New York, NY, Dec. 18, 2020 (GLOBE NEWSWIRE) -- 10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) (the “Company”) today announced the closing of the issuance of an additional 2,625,000 units pursuant to the exercise of the underwriters’ over-allotment option in full in connection with the Company’s initial public offering. The additional units were sold at the initial offering price of
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 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 U.S. Securities and Exchange Commission (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 significance of the 2,625,000 units issued by VCVCU?
What sectors does 10X Capital Venture Acquisition Corp focus on?
When was the registration statement for VCVCU declared effective?
Who managed the initial public offering for VCVCU?
What will the proceeds from the offering be used for?
