G3 VRM Acquisition priced its IPO of 10 million units at $10 each. Units begin trading today on the Nasdaq under GGGVU. Each consists of one share of Class A common stock and one right to receive one-tenth of one share upon the completion of a merger.
The new SPAC is targeting companies within the technology and business services industry, with an enterprise value of approximately $250 million to $500 million.
G3 VRM is led by CEO and Chairman Matthew Konkle, who is senior managing director and head of industry teams for G2 Capital Advisors.
Once the securities comprising the SPAC’s units begin separate trading, shares and rights are expected to trade under GGGV and GGGVR.
Maxim is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 1.5 million additional units at the IPO price to cover any over-allotments.
The offering is expected to close July 6. Read more.
