ScION Tech Growth II, a blank check company formed by ION Investment Group, has raised $300 million for its IPO after pricing its 30 million shares at $10 per share. The stock began trading February 10, 2021 on the NASDAQ under the ticker symbol “SCOBU.” Citigroup Global Markets Inc is the underwriter.
LONDON, UNITED KINGDOM, Feb. 09, 2021 (GLOBE NEWSWIRE) — ScION Tech Growth II (“ScION” or the “Company”) announced today the pricing of its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SCOBU” and will begin trading on February 10, 2021. 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 “SCOB” and “SCOBW”, 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.
Citigroup Global Markets Inc. is acting as book-running manager of the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.
A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 9, 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.