10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) has closed its initial public offering of 17,500,000 units at $10 per unit generating gross proceeds of $175,000,000.
The units are trading under the ticker on Nasdaq as of November 24, 2020. 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 Acquisition Corp is a SPAC seeking a high growth target in the tech sector that may include financial services.
As was previously reported, 10X Capital is a New York City-based firm founded by entrepreneur Hans Thomas, a long time Fintech investor.
Thomas and co-head of Venture Investing at 10X David Weisburd have been investors in several of high growth VC-backed Fintech firms like Robinhood Markets, Circle Internet Financial, and Ripple.