G Squared Ascend I Inc. Announces Full Exercise of Underwriter's Over-Allotment Option and Closing of $345 Million Initial Public Offering
CHICAGO, Feb. 9, 2021 /PRNewswire/ -- G Squared Ascend I Inc. ("G Squared Ascend I" or the "Company") a special purpose acquisition company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses, announced today that it closed its initial public offering of 34,500,000 units, including 4,500,000 units issued pursuant to the exercise by the underwriter of its over-allotment option in full. The offering was priced at $10 per unit, for aggregate gross proceeds of $345 million.
The units began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "GSQD.U" on February 5, 2021. Each unit consists of one share of the Company's Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the NYSE under the symbols "GSQD" and "GSQD.WS", respectively.
G Squared Ascend I is a blank check company, also commonly referred to as a special purpose acquisition company or SPAC, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although G Squared Ascend I may pursue an initial business combination target in any business industry or sector, it intends to focus on opportunities that fall within six core megatrends: Software-as-a-Service, Online Marketplaces, Mobility 2.0/Logistics, Fintech/Insurtech, New Age Media, and/or Sustainability.
UBS served as the sole book-running manager for the offering.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $345 million was placed in trust. An audited balance sheet of the Company as of February 9, 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 U.S. Securities and Exchange Commission (the "SEC").
G Squared Ascend I was founded by Larry Aschebrook, who also founded G Squared Equity Management LP, as well as Ward Davis, the Company's Chief Executive Officer and Director.
The public offering was made only by means of a prospectus. Copies of the final prospectus for G Squared Ascend I may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at 888-827-7275 or by e-mail at email@example.com.
Registration statements relating to these securities have been filed with the SEC and became effective on February 4, 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.
About G Squared:
Our sponsor is an affiliate of G Squared Equity Management LP ("G Squared"), an SEC-registered investment adviser ("RIA") and venture capital fund manager founded in 2011 by Larry Aschebrook. G Squared has 25 professionals across four offices, Chicago, San Francisco, Greenwich, and Zurich, Switzerland, and has deployed more than $2 billion of capital across several funds, separately managed accounts, and co-investment vehicles focused on growth stage opportunities in the global technology sector.
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and the anticipated use of the net proceeds of such offering. 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 Company's initial public 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.
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SOURCE G Squared Ascend I Inc.
Released February 9, 2021