Former Corporate Vice President of R&D for General Motors
Joins Accomplished Executives and Industry Pioneers from Procter
& Gamble, Vonage, and Dataminr
Wejo, a global leader in connected vehicle data, today announced
the appointment of Lawrence D. Burns, former Corporate Vice
President of Research and Development at General Motors, to its
Board of Directors. Mr. Burns’ appointment will take effect
following its upcoming business combination with Virtuoso
Acquisition Corp. (NASDAQ:VOSO) (“Virtuoso”).
Mr. Burns joins a board that includes directors with diverse and
complementary backgrounds in areas critical to Wejo’s business.
Non-executive directors include Timothy Lee, Chairman of the Board
and former Executive Vice President, Global Manufacturing, of
General Motors and Chairman of General Motors China; Diarmid
Ogilvy, Co-Founder of Wejo and Co-Founder and Managing Partner of
ValuAnalysis; Samuel Hendel, Co-Founder of Dataminr ; Ann
Schwister, former Vice President and CFO of North America and
Greater China at Procter & Gamble; and Alan Masarek, former CEO
of Vonage.
"Larry’s vision of automobility and autonomy are exactly aligned
with the content growth of the Wejo product portfolio, which is
highlighted by our commitment to economic and environmental
sustainability,” said Richard Barlow, CEO of Wejo. “Larry
understands and embraces the Wejo concept of ‘Data for Good’, and
believes the data ecosystem being created by the Wejo ADEPT
platform will become the backbone of future transportation and help
create a more efficient mobility system with reduced congestion,
reduced emissions, and fewer accidents.”
“We are so pleased that Larry has chosen to join the Board of
Directors of Wejo. His vision and leadership will contribute to our
top line growth that unleashes the operational leverage our company
has forecasted in our public filings,” added Tim Lee, Chairman of
the Board of Directors of Wejo. “We look forward to the strategic
insight that he will bring as we aim to revolutionize the way the
automotive industry utilizes data.”
Mr. Burns served as Corporate Vice President of Research and
Development for General Motors from 1998-2009, leading the
company’s advanced technology development, product portfolio
planning, capacity planning and strategic planning. In this role,
Mr. Burns globalized General Motors’ research and development
program, and quadrupled the number of patents issued to the
company’s researchers. He also personally championed vehicle
electrification, connected vehicles, fuel cells, bio-fuels,
advanced batteries, autonomous driving, and a series of innovative
concept vehicles. Since leaving General Motors, Mr. Burns has
advised organizations including Waymo (previously Google
Self-Driving Cars), Goodyear, Allstate, Hess, Greentech Capital
Advisors and Kitson & Partners on the future of mobility,
logistics, manufacturing, energy, and innovation. He has served as
a Board member of Peloton Technology Inc. and as Vice Chairman of
the Board of MRIGlobal.
“I am very excited to join the extremely impressive Board that
Wejo has assembled,” added Mr. Burns. “Wejo’s innovative platform
and proprietary data sets uniquely position the company to realize
the extraordinary potential in connected vehicle data and redefine
the future of mobility. I look forward to being a part of Wejo’s
future growth and development.”
Since announcing its intention to combine with Virtuoso in May
2021, Wejo has established partnerships with a number of leading
companies across several industries, several of which have invested
in the company. Wejo’s strategic investors include Palantir (NYSE:
PLTR), Microsoft (NASDAQ: MSFT), Sompo Holdings (TYO: 8630), and
General Motors (NYSE: GM). Separately, Wejo also has business
relationships with 17 automotive OEMs.
The transaction is expected to close during the fourth quarter
of 2021 subject to Virtuoso shareholder approval and customary
closing conditions. The combined company will operate under the
Wejo name.
About Wejo
Wejo is a global leader in connected vehicle data,
revolutionizing the way we live, work and travel by transforming
and interpreting historic and real-time vehicle data. The company
enables smarter mobility by organizing trillions of data points
from over 11 million vehicles and more than 48 billion journeys
globally, across multiple brands, makes and models, and then
standardizing and enhancing those streams of data on a vast scale.
Wejo partners with ethical, like-minded companies and organizations
to turn that data into insights that unlock value for consumers.
With the most comprehensive and trusted data, information and
intelligence, Wejo is creating a smarter, safer, more sustainable
world for all. Founded in 2014, Wejo employs more than 250 people
and has offices in Manchester in the UK and in regions where Wejo
does business around the world. For more information, visit:
www.wejo.com.
Forward-Looking Statements.
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Virtuoso Acquisition
Corp.’s (“Virtuoso”) and Wejo
Limited’s, a private limited company incorporated under the laws of
England and Wales with company number 08813730 (“Wejo”) actual results may differ from their
expectations, estimates, and projections and, consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions (or the negative versions of
such words or expressions) are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, Virtuoso’s and Wejo’s expectations
with respect to future performance and anticipated financial
impacts of the proposed business combination, the satisfaction or
waiver of the closing conditions to the proposed business
combination, and the timing of the completion of the proposed
business combination.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. Most of these factors
are outside Virtuoso’s and Wejo’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (i) the occurrence of any event, change, or other
circumstances that could give rise to the termination of the
Agreement and Plan of Merger (the “Merger
Agreement”); (ii) the outcome of any legal proceedings that
may be instituted against Virtuoso, Wejo Group Limited, a company
incorporated under the laws of Bermuda (the “Company”) and/or Wejo following the announcement
of the Merger Agreement and the transactions contemplated therein;
(iii) the inability to complete the proposed business combination,
including due to failure to obtain approval of the stockholders of
Virtuoso, certain regulatory approvals, or the satisfaction of
other conditions to closing in the Merger Agreement; (iv) the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the Merger Agreement or could
otherwise cause the transaction to fail to close; (v) the impact of
the COVID-19 pandemic on Wejo’s business and/or the ability of the
parties to complete the proposed business combination; (vi) the
inability to obtain or maintain the listing of the Company’s common
shares on the Nasdaq Stock Market following the proposed business
combination; (vii) the risk that the proposed business combination
disrupts current plans and operations as a result of the
announcement and consummation of the proposed business combination;
(viii) the ability to recognize the anticipated benefits of the
proposed business combination, which may be affected by, among
other things, competition, the ability of Wejo to grow and manage
growth profitably, and retain its key employees; (ix) costs related
to the proposed business combination; (x) changes in applicable
laws or regulations; and (xi) the possibility that Wejo, Virtuoso
or the Company may be adversely affected by other economic,
business, and/or competitive factors. The foregoing list of factors
is not exclusive. Additional information concerning certain of
these and other risk factors is contained in Virtuoso’s most recent
filings with the SEC and is contained in the Company’s preliminary
Form S-4 (the “Form S-4”), which was
filed on July 16, 2021 (as amended on September 7, 2021, October 1,
2021, October 7, 2021 and October 18, 2021), and thereafter
declared effective on October 22, 2021, including the definitive
proxy statement/prospectus filed on October 22, 2021 in connection
with the proposed business combination. All subsequent written and
oral forward-looking statements concerning Virtuoso, Wejo or the
Company, the transactions described herein or other matters and
attributable to Virtuoso, the Company or any person acting on their
behalf are expressly qualified in their entirety by the cautionary
statements above. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Each of Virtuoso, Wejo and the Company expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in their expectations with respect
thereto or any change in events, conditions, or circumstances on
which any statement is based, except as required by law.
No Offer or Solicitation.
This communication is not a proxy statement or solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of Virtuoso, the Company or Wejo, nor shall there be
any sale of any such 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 such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended, or exemptions
therefrom.
Important Information About the Proposed Business Combination
and Where to Find It.
In connection with the proposed business combination, a
preliminary registration statement on Form S-4 was filed by the
Company with the SEC on July 16, 2021 (as amended on September 7,
2021, October 1, 2021, October 7, 2021 and October 18, 2021), which
was thereafter declared effective on October 22, 2021. The Form S-4
included preliminary proxy statements to be distributed to holders
of Virtuoso’s common stock in connection with Virtuoso’s
solicitation for proxies for the vote by Virtuoso’s stockholders in
connection with the proposed business combination and other matters
as described in the Form S-4, as well as a prospectus of the
Company relating to the offer of the securities to be issued in
connection with the completion of the business combination.
Virtuoso, Wejo and the Company urge investors, stockholders and
other interested persons to read the Form S-4, including the proxy
statement/prospectus incorporated by reference therein, as well as
other documents filed with the SEC in connection with the proposed
business combination, as these materials contain important
information about Wejo, Virtuoso, and the proposed business
combination. Such persons can also read Virtuoso’s final prospectus
dated January 21, 2021 (SEC File No. 333-251781), for a description
of the security holdings of Virtuoso’s officers and directors and
their respective interests as security holders in the consummation
of the proposed business combination. After the Form S-4 was
declared effective, the definitive proxy statement/prospectus was
mailed to Virtuoso’s stockholders as of a record date of October
14, 2021 for voting on the proposed business combination.
Stockholders are also be able to obtain copies of such documents,
without charge, at the SEC’s website at www.sec.gov, or by
directing a request to: Virtuoso Acquisition Corp., 180 Post Road
East, Westport, CT 06880, or (203) 227-1978. These documents can
also be obtained, without charge, at the SEC’s web site
(http://www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation.
Virtuoso, Wejo, the Company and their respective directors,
executive officers and other members of their management and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Virtuoso’s stockholders in connection
with the proposed business combination. Investors and security
holders may obtain more detailed information regarding the names,
affiliations and interests of Virtuoso’s directors and executive
officers in Virtuoso’s final prospectus dated January 21, 2021 (SEC
File No. 333-251781), which was filed with the SEC on January 26,
2021. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies of Virtuoso’s
stockholders in connection with the proposed business combination
is set forth in the definitive proxy statement/prospectus for the
proposed business combination. Information concerning the interests
of Virtuoso’s and Wejo’s participants in the solicitation, which
may, in some cases, be different than those of Virtuoso’s and
Wejo’s equity holders generally, is set forth in the definitive
proxy statement/prospectus relating to the proposed business
combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211026005909/en/
Media: Mark Semer/Sam Cohen Gasthalter & Co. (212) 257-4170
wejo@gasthalter.com
Investors: Tahmin Clarke (201) 554-7328
Tahmin.clarke@wejo.com
Nick Goode +44 7747 214 091 nick.goode@wejo.com
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