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 ol-prospectusrequest@ubs.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.
Forward-Looking Statements:
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.
Contact:
Antonia
Korduba
ir@gsquared.com
View original
content:http://www.prnewswire.com/news-releases/g-squared-ascend-i-inc-announces-full-exercise-of-underwriters-over-allotment-option-and-closing-of-345-million-initial-public-offering-301225373.html
SOURCE G Squared Ascend I Inc.