SPAC: 10X Capital Venture Acquisition Corp Trades on Nasdaq, Fintech Companies on the List

Special purpose acquisition company (SPAC), 10X Capital Venture Acquisition Corp traded on the Nasdaq today in an initial public offering of 17,500,000 units at a price of $10.00 per unit for a gross capital raise of $175 million. The units are trading under the ticker symbol “VCVCU”. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “VCVC” and “VCVCW,” respectively.

10X Capital Venture is another blank check company taking advantage of the hot SPAC market that has seen a flurry of IPOs targeting various sectors of industry.

10X Capital Ventures says it will focus on investing in a wide swath of possible industry sectors including high growth technology and tech-enabled businesses domestically and abroad in the consumer internet, eCommerce, software, healthcare and financial services industries (Fintech). Artificial intelligence is on the list as well.

10X Capital is a New York City-based investment firm that strives to “connect Wall Street with Silicon Valley.” Founded in 2004 by entrepreneur Hans Thomas, 10X Capital invests alongside other technology investors. David Weisburd, founder of San Francisco-based venture capital firm Growth Technology Partners, was previously involved in multiple venture capital investments with 10X Capital, and joined the firm in 2019 through 10X Capital’s acquisition of GTP.

Thomas and Weisburd, through 10X Capital and GTP, are investors in several of high growth VC-backed Fintech firms like Robinhood Markets, Circle Internet Financial, and Ripple.

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