SCVX, a blank check company, has revealed its initial public offering (IPO) which is being raised so it can acquisition and combination of cybersecurity companies.
The company is offering 20 million units for its IPO at $10 per unit on the New York Stock Exchange. Each unit consists of one class A ordinary share and one-half of one redeemable warrant.
A whole warrant entitles a holder to purchase one Class A ordinary share at $11.50 apiece.
SCVX was created with the goal of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar combination of businesses. The company will focus on cybersecurity businesses which have an enterprise valuation between $600m and $1.5bn.
Credit Suisse is acting as the sole book-running manager for the sale. The underwriter has been given a 45-day option to buy an additional three million units at the IPO price to cover any over-allotments.
The company is trading under the ticker symbol SCVX.U.
Cybersecurity has been an attractive opportunity for investors. In 2018, a total of $4.5bn was invested into RegTech companies, of which, 14% was deployed to cybersecurity businesses.
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