SVF Investment 2, the third blank check company formed by SoftBank targeting technology-enabled sectors, raised $200 million by offering 20 million shares at $10. The company did not offer units with warrants attached. It may raise an additional $100 million at the closing of an acquisition (or up to $150 million at the forward purchase investors' election) pursuant to a forward purchase agreement with an affiliate of the sponsor.
The company is led by CEO and Chairman Munish Varma and CFO and Director Navneet Govil, who both currently serve as a Managing Partners at SoftBank Investment Advisers. SVF Investment 2 intends to target a business in a technology-enabled sector, including but not limited to, mobile communications technology, artificial intelligence, robotics, cloud technologies, software broadly, computational biology and other data-driven business models, semiconductors and other hardware, transportation technologies, consumer internet and financial technology.
SoftBank's other SPACs include SVF Investment 3 (SVFC), which raised $280 million; LDH Growth I (LDHAU), which filed to raise $200 million in January; and SVF Investment Corp. (SVFAU; +15% from $10 offer price), which went public this past January.
SVF Investment 2 plans to list on the Nasdaq under the symbol SVFB. Citi, UBS Investment Bank, Deutsche Bank, Cantor Fitzgerald and Mizuho Securities acted as lead managers on the deal.
