Brief: Wejo To List Publicly In U.S. Through A Combination With Virtuoso Acquisition Corp

Wejo

28/05/2021 23:09

May 28 (Reuters) - Virtuoso Acquisition Corp  VOSO.O :
    * WEJO, A GLOBAL LEADER IN CONNECTED VEHICLE DATA, TO LIST
PUBLICLY IN THE U.S. THROUGH A BUSINESS COMBINATION WITH
VIRTUOSO ACQUISITION CORP.
    * VIRTUOSO ACQUISITION - TRANSACTION IMPLIES EQUITY VALUE OF
APPROXIMATELY $1.1 BILLION AND IS EXPECTED TO DELIVER
APPROXIMATELY $330 MILLION OF GROSS PROCEEDS
    * VIRTUOSO ACQUISITION CORP - UPON COMPLETION OF
TRANSACTION,
COMBINED COMPANY WILL OPERATE UNDER WEJO NAME
    * VIRTUOSO ACQUISITION CORP - WILL COMBINE WITH WEJO AT AN
ENTERPRISE VALUE OF $800 MILLION, WHICH IMPLIES AN ESTIMATED
$1.1 BILLION PRO FORMA EQUITY VALUE
    * VIRTUOSO - WEJO'S EXISTING SHAREHOLDERS ARE ROLLING 100%
OF
THEIR EXISTING EQUITY INTO COMBINED CO & WILL OWN ABOUT 64% OF
ISSUED & OUTSTANDING SHARES
    * VIRTUOSO - ADDITIONAL STRATEGIC INVESTORS HAVE EXPRESSED
INTEREST IN PARTICIPATING IN PIPE FOR UP TO AN INCREMENTAL $25
MILLION WITHIN NEXT 30 DAYS
    * VIRTUOSO ACQUISITION CORP - PIPE HAD PARTICIPATION FROM
PALANTIR
TECHNOLOGIES AND GENERAL MOTORS

Source text for Eikon:  ID:nBwH3tjDa 
Further company coverage:  VOSO.O 

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