Valor Latitude Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Valor Latitude Acquisition Corp. has priced its initial public offering (IPO) at $10.00 per unit, aiming to raise funds through the sale of 20,000,000 units on the Nasdaq under the ticker symbol 'VLATU'. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant. The IPO is set to close on May 6, 2021, with BofA Securities and Barclays serving as book-running managers. The company targets technology-enabled Latin American businesses for potential mergers or acquisitions, seeking to capitalize on market opportunities.

Positive

• Successful pricing of IPO at $10.00 per unit, raising capital for future acquisitions.
• Target market includes technology-enabled companies in Latin America, indicating growth potential.
• Option granted for underwriters to purchase additional 3,000,000 units, enhancing funding potential.

Negative

• The IPO is contingent on market conditions, and completion is not guaranteed.
• Forward-looking statements indicate uncertainty about the use of net proceeds and potential risks.

Valor Latitude Acquisition Corp. (“Valor Latitude” or the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “VLATU” beginning on May 4, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq Capital Market under the symbols “VLAT” and “VLATW,” respectively. The offering is expected to close on May 6, 2021.

The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to seek a business combination with a technology-enabled Latin American company. Valor Latitude’s founders include Clifford M. Sobel (Chairman), Scott Sobel (Director), Mario Mello (Chief Executive Officer and Director) and J. Douglas Smith (Chief Financial Officer).

BofA Securities and Barclays are acting as the book-running managers of 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 final prospectus. When available, copies of the final prospectus may be obtained from BofA Securities by mailing NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com and by contacting Barclays c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at Barclaysprospectus@broadridge.com or by telephone at (888) 603-5847.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 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 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 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, preliminary prospectus and final prospectus for the Company’s offering filed with the SEC. Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005817/en/

FAQ

What is the price of Valor Latitude's initial public offering (IPO)?

Valor Latitude has priced its IPO at $10.00 per unit.

When will Valor Latitude's units begin trading on Nasdaq?

The units are expected to trade on Nasdaq starting May 4, 2021.

What does each unit in Valor Latitude's IPO consist of?

Each unit consists of one Class A ordinary share and one-third of a redeemable warrant.

What is the purpose of Valor Latitude Acquisition Corp.?

The company aims to merge or acquire technology-enabled businesses in Latin America.

Who are the underwriters for Valor Latitude's IPO?

BofA Securities and Barclays are acting as the book-running managers for the offering.

What is the ticker symbol for Valor Latitude on Nasdaq?

The ticker symbol for Valor Latitude's units is 'VLATU'.