Software Acquisition Group Inc. III Announces Closing of Underwriter’s Option to Purchase Additional Units in Connection with its Initial Public Offering
04 Agosto 2021 - 10:29PM
Software Acquisition Group Inc. III (NASDAQ: SWAGU) (the “Company”)
announced today that it closed the issuance of an additional
2,807,868 units pursuant to the partial exercise of the
underwriter’s option to purchase additional units in connection
with its initial public offering at $10.00 per unit, resulting in
gross proceeds of $28,078,680 and bringing the total gross proceeds
of the initial public offering to $228,078,680.
The Company’s units are listed on the Nasdaq
Capital Market (“Nasdaq”) and commenced trading under the ticker
symbol “SWAGU” on July 29, 2021. Each unit consists of one share of
the Company’s Class A common stock and one half of one redeemable
warrant, each whole warrant entitling the holder thereof to
purchase one share of Class A common stock at a price of $11.50 per
share. Only whole warrants will trade and are exercisable. Once the
securities comprising the units begin separate trading, the shares
of Class A common stock and warrants are expected to be traded on
Nasdaq under the symbols “SWAG” and “SWAGW,” respectively.
The Company is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While the Company may
pursue an initial business combination target in any business or
industry, it intends to focus its search on companies in the
software and internet technology industries. The Company is led by
Chairman and Chief Executive Officer, Jonathan Huberman, and Vice
President of Acquisitions, Mike Nikzad. In addition to Messrs.
Huberman and Nikzad, the Board of Directors includes Andrew Nikou,
Stephanie Davis, Peter Diamandis, Steven Guggenheimer and Matt
Olton.
Jefferies LLC acted as sole book-running manager
of the offering.
Of the proceeds received from the consummation
of the initial public offering (as well as the exercise of the
option to purchase additional units) and a simultaneous private
placement of units, at least $231,499,860.20 (or $10.15 per unit
sold in the public offering) was placed in trust. An audited
balance sheet of the Company as of August 2, 2021 reflecting
receipt of the proceeds upon consummation of the initial public
offering and the private placement (but not including the closing
of the additional units described herein) will be included as an
exhibit to a Current Report on Form 8-K to be filed by the Company
with the Securities and Exchange Commission (“SEC”).
The offering was made only by means of a
prospectus. Copies of the preliminary prospectus relating to the
offering and final prospectus, when available, may be obtained from
Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd Floor, New York, NY 10022, by telephone:
877-821-7388 or by email: Prospectus_Department@Jefferies.com.
A registration statement relating to these
securities has been filed with, and declared effective by, the
Securities and Exchange Commission on July 28, 2021. 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 an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the initial public offering and the anticipated use of the net
proceeds. No assurance can be given 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
prospectus for the 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.
Contact
Jonathan HubermanChief Executive OfficerSoftware
Acquisition Group Inc. IIIjon@softwareaqn.com
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