NIDWALDEN, Switzerland, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Genesis Growth Tech Acquisition Corp. (Nasdaq: GGAAU) (the “Company”) announced today the closing of its upsized initial public offering of 22,000,000 units at a price of $10.00 per unit. The Company granted the underwriters a 45-day option to purchase up to 3,300,000 units to cover over-allotments, if any. Total gross proceeds from the offering were $220 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The units began trading on The Nasdaq Global Market (“Nasdaq”) under the ticker symbol “GGAAU” on December 9, 2021. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “GGAA” and “GGAAW,” respectively.
The Company was formed by Genesis Growth Tech LLC 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 Company intends to focus its search for a target in the high growth technology and tech-enabled businesses in Europe, Israel, the United Arab Emirates and the United States in the consumer internet, ecommerce, and software industries, but may pursue a target in any stage of its corporate evolution or in any industry, sector or geographic location.
Nomura Securities International, Inc. acted as sole book-running manager for the offering. The public offering was made by means of a prospectus. Copies of the final prospectus may be obtained from: Nomura Securities International, Inc., Attention: Equity Syndicate Department, Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, or by telephone at 212-667-9000, or by email at equitysyndicateamericas@nomura.com. Copies of the registration statement can also be accessed through the SEC’s website at www.sec.gov.
A registration statement relating to the securities became effective on December 8, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.
Cautionary Note Concerning Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
