Queen's Gambit Growth Capital today announced the closing of its initial public offering of 34,500,000 units at a price of $10.00 per unit, including 4,500,000 units issued pursuant to the underwriters' full exercise of its option to purchase additional units. The Company's units began trading on the Nasdaq Capital Market ("NASDAQ") under the ticker symbol "GMBTU" on January 20, 2021.
Each unit issued in the initial public offering consists of one of the Company's Class A ordinary shares, par value $0.0001 per share, and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise 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 "GMBT" and "GMBTW," respectively.
The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a target whose business provides disruptive solutions promoting sustainable development, economic growth and prosperity. These include clean energy, emerging technology, mobility, financial technology, healthcare, and industrials.
Victoria Grace, the Company's Founder & Chief Executive Officer, said, "We are pleased to announce this important milestone and are grateful for the tremendous support received from a distinguished set of investors who recognize our differentiated value proposition."
Ms. Grace continued, "While we embrace the barriers that our Company has already broken, and firmly believe that diversity is great for business, we are first and foremost economically driven investors – actively seeking to identify an exceptional company, whose disruptive technologies and sustainable solutions are transforming its respective industry. We believe that the depth of our collective financial and operational expertise, our track record and expansive network, will be instrumental in achieving the Company's objectives and further distinguishing our platform."
Barclays acted as the sole book-running manager and representative for the underwriters for the offering. R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC acted as joint co-managers for the offering. Vinson & Elkins LLP served as legal counsel to the Company.
About Queen's Gambit Growth Capital
Queen's Gambit Growth Capital is a female-led special purpose acquisition company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company, led by Founder & Chief Executive Officer, Victoria Grace, intends to focus its search on identifying a target that is shaping the future of its sector by providing disruptive solutions that promote sustainable development, economic growth and prosperity.
