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

Rhea-AI Summary

On November 24, 2020, 10X Capital Venture Acquisition Corp announced the pricing of its IPO, offering 17,500,000 units at $10.00 per unit. The units will be listed on Nasdaq under the symbol 'VCVCU'. Each unit comprises one share of Class A common stock and a half redeemable warrant, with the latter exercisable at $11.50 per share. The company focuses on high-growth technology sectors, including consumer internet and healthcare. Wells Fargo Securities serves as the sole book-running manager and has a 45-day option for an additional 2,625,000 units for over-allotments.

Positive

• Successful pricing of IPO at $10.00 per unit, indicating investor interest.
• Focus on high-growth technology sectors, potentially leading to significant revenue opportunities.

Negative

• No assurance that the IPO offering will be completed as described.
• Forward-looking statements carry risks that could impact the success of the business combination.

New York, NY, Nov. 24, 2020 (GLOBE NEWSWIRE) -- 10X Capital Venture Acquisition Corp (the “Company”) today announced the pricing of its initial public offering of 17,500,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “VCVCU” beginning 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 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 2,625,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, 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 offering discussed above will be completed on the terms described, or at all, or 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 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 IPO price for 10X Capital Venture Acquisition Corp's offering?

The IPO price is $10.00 per unit.

What will be the ticker symbols for 10X Capital's shares and warrants?

Shares will trade under 'VCVC' and warrants under 'VCVCW'.

Who is managing the initial public offering for 10X Capital?

Wells Fargo Securities is the sole book-running manager for the offering.

When does trading for the units begin on Nasdaq?

Trading for the units begins on November 24, 2020.

What types of businesses is 10X Capital focusing on for mergers?

10X Capital focuses on high-growth technology sectors, including consumer internet, ecommerce, and healthcare.