7GC & Co. Holdings Inc. Announces Pricing of Upsized $200,000,000 Initial Public Offering

Rhea-AI Summary

On December 22, 2020, 7GC & Co. Holdings Inc. priced its upsized IPO at $10.00 per unit, totaling 20 million units, to be traded on Nasdaq under the symbol VIIAU. Each unit includes one share of Class A common stock and half a redeemable warrant, with warrants exercisable at $11.50 per share. The offering is set to close on December 28, 2020. The company, focused on technology sector mergers, has granted underwriters a 45-day option for an additional 3 million units.

Positive

• Successful pricing of the IPO at $10.00 per unit, raising significant capital.
• Focus on the technology sector may appeal to growth-oriented investors.
• Potential for additional capital from the 45-day over-allotment option.

Negative

• Dilution risk for existing shareholders due to the issuance of new units.
• No guarantee of completing the offering or utilizing proceeds as indicated.

San Francisco, CA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- 7GC & Co. Holdings Inc. (the “Company”) announced today that it priced its upsized initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Wednesday, December 23, 2020, under the ticker symbol “VIIAU.” Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “VII” and “VIIAW,” respectively.

The offering is expected to close on Monday, December 28, 2020, subject to customary closing conditions.

The Company 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. While the Company may pursue an initial business combination target in any industry or sector, it intends to concentrate its efforts in identifying businesses in the technology industry.  The Company is led by its Chief Executive Officer, Jack Leeney, and its Chief Financial Officer, Christopher Walsh.

Cantor Fitzgerald & Co. 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 3,000,000 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 Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on December 22, 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 the anticipated use of the 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

Jack Leeney
Chief Executive Officer
7GC & Co. Holdings Inc.
(628) 400-9284
Jack@7gc.co 

FAQ

What is the IPO price for VIIAU?

The IPO price for VIIAU is $10.00 per unit.

When will VIIAU begin trading?

VIIAU will begin trading on December 23, 2020.

What does each unit of VIIAU consist of?

Each unit consists of one share of Class A common stock and one-half redeemable warrant.

What is the purpose of 7GC & Co. Holdings Inc.?

The company aims to engage in business combinations primarily in the technology sector.

What are the symbols for the shares and warrants after separation?

The shares will trade under the symbol VII, and the warrants will trade under VIIAW.