SoftBank's SVF Investment Corp. Announces Pricing of $525 Million Initial Public Offering
07 Jan, 2021, 18:00 ET
LONDON, Jan. 7, 2021 /PRNewswire/ -- SVF Investment Corp. (the "Company") announced today the pricing of its initial public offering of 52,500,000 units at $10 per unit. The units will be listed on the Nasdaq Capital Market ("Nasdaq") in the United States and trade under the ticker symbol "SVFAU" beginning on January 8, 2021.
The Company is sponsored by SoftBank Investment Advisers ("SBIA"), the investment manager to the SoftBank Vision Funds. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in a technology-enabled sector. The company is led by Rajeev Misra, the CEO of SBIA, and Navneet Govil, the CFO of SBIA.
Each unit offered for sale consists of one Class A ordinary share, and one-fifth of one warrant to purchase one Class A ordinary share, for $10.00 per unit. In addition, an affiliate of the sponsor, intends to enter into a forward purchase agreement with us that will provide for the purchase of up to $300,000,000 forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fifth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination. When the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols "SVFA" and "SVFAW" respectively.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Cantor Fitzgerald & Co. are acting as book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to 7,875,000 additional units at the initial public offering price to cover over-allotments, if any.
The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website http://www.sec.gov; Citigroup Global Markets Inc., c/o 388 Greenwich Street, New York, New York, 10013, Telephone: 1-646-291-1469; Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Equity Capital Markets – Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60 Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, Fax: +1 (646) 374-1071; and Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York, 10022, Attention: Legal.
A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on January 7, 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.
For more information, please see www.svfinvestmentcorp.com.
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 thereof. 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 Company's 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.
About SVF Investment Corp.
SVF Investment Corp. is a newly organized blank check company formed by an affiliate of SoftBank Investment Advisers ("SBIA"). Through the SoftBank Vision Funds, SBIA is investing up to $100 billion in many of the world's leading technology companies, including those we've helped take public such as 10X Genomics, Beike, DoorDash, Guardant Health, OneConnect, Opendoor, PingAn Good Doctor, Relay Therapeutics, Seer, Slack, Uber, View, Vir, and ZhongAn Insurance. SBIA's global reach, unparalleled ecosystem, and patient capital help founders build transformative businesses.
SoftBank Investment Advisers
SOURCE SVF Investment Corp
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