Virtuoso Acquisition Corp. Announces Pricing of Upsized $200,000,000 Initial Public Offering

Rhea-AI Summary

Virtuoso Acquisition Corp. announced its initial public offering (IPO) pricing of 20,000,000 units at $10.00 each. Trading on Nasdaq as "VOSOU" begins January 22, 2021. Each unit includes one share of Class A common stock and one-half of a redeemable warrant, with full warrants priced at $11.50 per share. The offering closes on January 26, 2021, subject to customary conditions. The company aims to merge with or acquire businesses, focusing on media sectors like Digital Marketing and Ad Tech. Underwriters have a 45-day option for an additional 3,000,000 units for over-allotments.

Positive

• Initial public offering pricing of 20,000,000 units at $10.00 each.
• Strong interest indicated by the option for underwriters to purchase an additional 3,000,000 units.
• Focus on high-growth media sectors could lead to potential revenue growth.

Negative

• The company is a blank check entity, introducing uncertainty regarding future business combinations.
• Possible risks associated with forward-looking statements related to the offering's completion.

Westport, CT, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Virtuoso Acquisition Corp. (the “Company”) announced today that it priced its 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, Friday, January 22, 2021, under the ticker symbol “VOSOU.” 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 offering is expected to close on January 26, 2021, 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 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 are acting as joint book-running managers of the offering. I-Bankers Securities, Inc. is acting as co-manager 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 prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, 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 has been filed with, and declared effective by, the Securities and Exchange Commission (“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 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.

Contact

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

FAQ

What is Virtuoso Acquisition Corp.'s initial public offering price?

The IPO price is $10.00 per unit for 20,000,000 units.

When will Virtuoso Acquisition Corp. begin trading on Nasdaq?

Trading will begin on January 22, 2021, under the ticker symbol VOSOU.

What does each unit in the IPO consist of?

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

What are the ticker symbols for Virtuoso Acquisition Corp. after the units separate?

After separation, shares will trade under VOSO and warrants under VOSOW.

What is the focus area for Virtuoso Acquisition Corp.'s business combinations?

The company intends to focus on media companies within Digital Marketing and Ad Tech sectors.