ScION Tech Growth I Announces Pricing of $500 Million Initial Public Offering
17 December 2020 - 11:23AM
ScION Tech Growth I (“ScION” or the “Company”) announced today the
pricing of its initial public offering of 50,000,000 units at
$10.00 per unit. The units will be listed on the Nasdaq Capital
Market (“Nasdaq”) under the symbol “SCOAU” and will begin trading
on December 17, 2020. Each unit consists of one of the Company’s
Class A ordinary shares and one-third of one warrant, each whole
warrant entitling the holder thereof to purchase one of the
Company’s Class A ordinary shares at an exercise price of $11.50
per share. Only whole warrants are exercisable. Once the securities
constituting the units begin separate trading, we expect that the
Class A ordinary shares and warrants are expected to be listed on
Nasdaq under the symbols “SCOA” and “SCOAW”, respectively.
ScION is a newly organized blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an acquisition opportunity in any industry or sector,
the Company intends to focus its search for an initial business
combination on technology-enabled businesses that offer specific
technology solutions, broader technology software and services in
the financial services sector.
The Company is sponsored by an affiliate of ION
Investment Group Limited (“ION”), a technology software investment
company and an operator of global technology businesses, providing
mission-critical workflow automation software, data and analytics
to financial institutions, governments and corporations around the
world.
The Company is led by Executive Chairman Andrea
Pignataro, ION’s founder, Chief Executive Officer Mathew Cestar,
the former Co-Head of Credit Suisse’s EMEA Investment Banking and
Capital Markets division, and Chief Financial Officer Alex
Triplett, ION’s Head of Corporate Development.
UBS Investment Bank and Citigroup Global Markets
Inc. are acting as joint book-running managers of the
offering. The Company has granted the underwriters a 45-day
option to purchase up to an additional 7,500,000 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 UBS Securities LLC, Attn: Prospectus Department,
1285 Avenue of the Americas, New York, NY 10019, or by telephone at
(888) 827-7275, or by e-mail at olprospectusrequest@ubs.com; or
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800)
831-9146.
A registration statement relating to these
securities has been declared effective by the U.S. Securities and
Exchange Commission (the “SEC”) on December 16, 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 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 statementsThis 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 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.
For further information, please contact:ScION Tech Growth
Ialex.triplett@iongroup.com
All product and company names herein may be trademarks of their
registered owners.
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