SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- TWC Tech Holdings
II Corp. (NASDAQ: TWCTU) (the "Company") today announced the
closing of its initial public offering of 60,000,000 units, which
includes 7,500,000 units issued pursuant to the partial exercise by
the underwriters of their over-allotment option. The offering was
priced at $10.00 per unit, resulting
in gross proceeds of $600,000,000.
The Company's units began trading on the Nasdaq Stock Market
under the ticker symbol "TWCTU" on Friday,
September 11, 2020. Each unit consists of one share of the
Company's Class A common stock and one-third of one redeemable
warrant. Each whole warrant entitles the holder thereof to purchase
one share of the Company's Class A common stock at a price of
$11.50 per share. Once the securities
comprising the units begin separate trading, the Class A common
stock and warrants are expected to be listed on the Nasdaq Stock
Market under the symbols "TWCT" and "TWCTW," respectively.
In connection with the initial public offering, the Company has
entered into forward purchase agreements with several institutional
accredited investors that will provide for the aggregate purchase
of at least $100,000,000 of Class A
common stock at $10.00 per share. Any
such purchases will take place in a private placement that will
close concurrently with the closing of the Company's initial
business combination.
The Company is led by Adam
Clammer and Jamie Greene, who
will serve as Chief Executive Officer and Chairman, respectively,
and is a newly organized blank check company formed for the purpose
of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
served as book-running managers; Academy Securities, Inc.,
Blaylock Van, LLC, Loop Capital
Markets LLC, Roberts and Ryan Investments Inc., and Tigress
Financial Partners LLC served as co-managers.
The initial public offering was made only by means of a
prospectus. Copies of the prospectus relating to the offering may
be obtained from Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone:
1-800-831-9146 and Deutsche Bank Securities Inc., Attn: Prospectus
Department, 60 Wall Street, New York, New
York 10005, telephone: 800-503-4611 or email:
prospectus.cpdg@db.com.
A registration statement relating to the securities sold in the
initial public offering has been filed with, and declared effective
by, the Securities and Exchange Commission ("SEC") on Thursday, September 10, 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 offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. The
securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of such Act and applicable state
securities laws.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and the anticipated use of the net proceeds
thereof. No assurance can be given that the funding of the forward
purchase agreements will occur or that the net proceeds of the
offering or forward purchase agreements 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.
About the Company
The Company is a newly organized blank check company which will
utilize the platform provided by True Wind Capital ("True Wind"), a
San Francisco-based
technology-focused private equity firm managing $1 billion, in its search for an initial business
combination. Mr. Clammer and Mr. Greene are the founding partners
of True Wind.
CONTACT:
Stephanie Portillo
True Wind Capital
press@truewindcapital.com
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SOURCE True Wind Capital