LONDON, Jan. 12,
2023 /PRNewswire/ -- SVF Investment Corp. (the
"Company") (Nasdaq: SVFA), a special purpose acquisition company,
today announced that as of the close of business on January 27, 2023, the Company's publicly held
Class A ordinary shares, par value $0.0001 (the "Public Shares"), will be deemed
cancelled and will represent only the right to receive their
pro-rata share in the Company's trust account ("Trust Account"),
because the Company will not consummate an initial business
combination within the time period required by its Amended and
Restated Memorandum and Articles of Association (the
"Articles").
As stated in the Company's Articles and in the Company's
registration statement on Form S-1 (Registration No. 333- 251541),
initially filed with the United States Securities and Exchange
Commission (the "Commission") on December
21, 2020, relating to the Company's initial public offering,
if the Company is unable to complete an initial business
combination within 24 months of the initial public offering, the
Company will: (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on
the funds held in the Trust Account and not previously released to
the Company to pay its regulatory compliance costs and/or income
taxes, if any (less up to $100,000 of
interest to pay dissolution expenses), divided by the number of the
then-outstanding Public Shares, which redemption will completely
extinguish public shareholders' rights as shareholders (including
the right to receive further liquidation distributions, if any);
and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company's remaining
shareholders and the Company's board of directors, liquidate and
dissolve, subject in each case to the Company's obligations under
Cayman Islands law to provide for
claims of creditors and the requirements of other applicable
law.
The per-share redemption price for the Public Shares will be
approximately $10.15 (the "Redemption
Amount"). The balance of the Trust Account as of December 30, 2022 was $612,637,574, which includes $8,837,574 in interest and dividend income
(excess of cash over approximately $603,800,000, the funds deposited into the Trust
Account). In accordance with the terms of the related trust
agreement, the Company expects to retain $100,000 of the interest and dividend income from
the Trust Account to pay dissolution expenses.
As of the close of business on January
27, 2023, the Public Shares will be deemed cancelled and
will represent only the right to receive the Redemption Amount on
or around January 27, 2023. The
Company anticipates that the Public Shares will cease trading on
The Nasdaq Capital Market ("Nasdaq") as of the close of business on
January 26, 2023.
The Redemption Amount will be payable to the holders of the
Public Shares upon delivery of their shares to the Company's
transfer agent, Continental Stock Transfer & Trust Company.
Beneficial owners of Public Shares held in "street name," however,
will not need to take any action in order to receive the Redemption
Amount.
The Company's sponsor has agreed to waive its redemption rights
with respect to its outstanding Class B ordinary shares issued
prior to the Company's initial public offering. There will be no
redemption rights or liquidating distributions with respect to the
Company's warrants, which will expire worthless. After January 12, 2023, the Company shall cease all
operations except for those required to wind up the Company's
business.
The Company expects that Nasdaq will file a Form 25 with the
Commission in order to delist the Company's securities. The Company
thereafter expects to file a Form 15 with the Commission to
terminate the registration of the Company's securities under the
Securities Exchange Act of 1934, as amended.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as "believes," "expects," "intends," "plans," "estimates,"
"assumes," "may," "should," "will," "seeks," or other similar
expressions. Such statements may include, but are not limited to,
statements regarding the Company's intention to redeem all of its
outstanding Public Shares, the Company's cash position or cash held
in the Trust Account, the Redemption Amount or the timing when the
Company's Public Shares will cease trading on Nasdaq. These
statements are based on current expectations on the date of this
press release and involve a number of risks and uncertainties that
may cause actual results to differ significantly. The Company does
not assume any obligation to update or revise any such
forward-looking statements, whether as the result of new
developments or otherwise. Readers are cautioned not to put undue
reliance on forward-looking statements.
Contact:
For investor inquiries:
svfinvestmentcorp@softbank.com
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SOURCE SVF Investment Corp.