ScION Tech Growth I Announces Pricing of $500M IPO
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.