Virtuoso Acquisition Corp. Announces Closing of $230,000,000 Initial Public Offering

Rhea-AI Summary

Virtuoso Acquisition Corp. successfully closed its initial public offering (IPO) on January 26, 2021, raising $230 million from the sale of 23 million units at $10 each. The IPO included 3 million units from the underwriters' over-allotment. The units, which began trading on January 22 under the symbol 'VOSOU', consist of one share of Class A common stock and one-half of a redeemable warrant. The company aims to focus on mergers in the media industry, particularly in digital marketing sectors. The proceeds are secured in a trust account awaiting business combinations.

Positive

• Raised $230 million in gross proceeds from the IPO.
• Interest in targeting media companies for future mergers.
• Trust account established for IPO proceeds facilitates future growth.

Negative

• Forward-looking statements indicate uncertainty in net proceeds usage.

Westport, CT, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Virtuoso Acquisition Corp. (the “Company”) announced today that it closed its initial public offering of 23,000,000 units, including 3,000,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “VOSOU” on January 22, 2021. 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. No fractional warrants will be issued upon separation of the units and only whole warrants 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 “VOSO” and “VOSOW,” respectively.

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 business or industry, it intends to focus its search on media companies, within the Digital Marketing, Digital Platforms, Subscription, and Ad Tech sectors. The Company is led by Chief Executive Officer Jeffrey D. Warshaw and Chief Financial Officer Michael O. Driscoll. BTIG, LLC and Moelis & Company LLC acted as joint book-running managers of the offering. I-Bankers Securities, Inc. acted as co-manager of the offering. 

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $230,000,000 (or $10.00 per unit sold in the public offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of January 26, 2021 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 Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BTIG, LLC, at 65 E. 55^th Street, New York, NY, 10022, by email at equitycapitalmarkets@btig.com or by telephone at (212) 593-7555.

A registration statement relating to these securities was declared effective by the SEC on January 21, 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 an 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 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 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.
                                                    
Contact

Jeffrey D. Warshaw
Chief Executive Officer
jeff@virtuosoacquisition.com
203 571-6161

FAQ

What is the purpose of Virtuoso Acquisition Corp.'s IPO on January 26, 2021?

The IPO aims to raise funds for potential mergers or acquisitions, particularly in the media sector.

How much did Virtuoso Acquisition Corp. raise in its initial public offering?

Virtuoso Acquisition Corp. raised $230 million in its IPO.

When did trading begin for Virtuoso Acquisition Corp.'s units under ticker VOSOU?

Trading began on January 22, 2021, under the ticker symbol 'VOSOU'.

What are the expected uses of the proceeds from Virtuoso Acquisition Corp.'s IPO?

The proceeds will be used for mergers and acquisitions, specifically targeting businesses in digital marketing and media.

What happens to the warrants after the IPO of Virtuoso Acquisition Corp.?

Each unit consists of a share and half a warrant, which can be exercised for additional shares of Class A common stock at $11.50.