Vertex SPAC’s public offering subscribed 36 times
The company offered 0.6 million units at $5 each.
Vertex Technology Acquisition Corporation Ltd’s (VTAC), a special purpose acquisition company, said its public offering tranche of 0.6 million units priced at $5 each, was subscribed 36 times.
Meanwhile, its international placement of 11.2 million units which was offered to institutional and other investors in Singapore, foreign institutional and selected investors for $5 each was 8.8 times subscribed.
The public offering was closed at noon on 18 January.
VTAC also reported in its bourse filing that it has secured 13 Cornerstone Investors to subscribe for an aggregate of 22.2 million Cornerstone Units, separate from the offering, to raise aggregate gross proceeds of $111m.
Amongst the Cornerstone Investors were Venezio Investments Pte. Ltd., and Fullerton Fund Management Company Ltd.
Meanwhile, Vertex Venture Holdings Ltd has also committed $30m in capital through the subscription of Units in VTAC by its wholly-owned subsidiary, Vertex Co-Investment Fund Pte. Ltd; and an "at-risk" capital of up to $10m through the subscription of up to 20 million Private Placement Warrants concurrent with the offering.
The public offering, together with the issuance of the Cornerstone Units and Sponsor IPO Investment Units, raised a gross proceed of $200m, representing 40 million units.