NEW YORK--(BUSINESS WIRE)--Starboard Value Acquisition Corp. (the “Company” or “SVAC”) (NASADQ: SVACU) today announced the closing of its initial public offering of 36,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $360,000,000.
SVAC is a new blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”). The Company’s sponsor, SVAC Sponsor LLC (the “Sponsor”), is an affiliate of Starboard Value LP.
While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and Industry Advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors.
UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and Cowen and Company, LLC acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option from the date of the final prospectus to purchase up to an additional 5,400,000 units to cover over-allotments, if any.
Registration statements relating to these securities became effective on September 9, 2020. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained, when available, for free by visiting EDGAR on the website of the U.S. Securities and Exchange Commission (the "SEC") at www.sec.gov. Alternatively, copies of the prospectus may be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by email at email@example.com or by telephone at (888) 827-7275; Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by email at firstname.lastname@example.org or by telephone at 415-364-2720; and Cowen and Company, LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the anticipated use of the net proceeds and search for an Initial Business Combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk factors” section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Starboard Value Acquisition Corp.
Starboard Value Acquisition Corp. (the “Company” or “SVAC”) is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s sponsor, SVAC Sponsor LLC (the “Sponsor”), is an affiliate of Starboard Value LP (“Starboard”). While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and industry advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors. For more information, please go to StarboardSVAC.com.