10X Capital Venture Acquisition, a blank check company formed by 10X Capital targeting a tech-enabled business, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also removed Cantor Fitzgerald as an underwriter and added Wells Fargo Securities.
The New York, NY-based company now plans to raise $175 million by offering 17.5 million units at a price of $10. The company had previously filed to offer 22 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, 10X Capital Venture Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Hans Thomas, founder and CEO of venture firm 10X Capital, and COO and Director David Weisburd, founder of venture firm Growth Technology Partners, which was acquired in 2019 by 10X Capital, where he now serves as General Partner and co-head of venture capital. The company plans to target high growth technology and tech-enabled businesses in the consumer internet, ecommerce, software, healthcare, and financial services industries, among others.
10X Capital Venture Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol VCVCU. Wells Fargo Securities is the sole bookrunner on the deal.
