SCVX today filed a registration statement outlining its proposed merger with Bright Machines, which is engaged in software-driven manufacturing The combined company is valued at $1.1 billion.
Announced in May, the transaction is expected to provide up to $435 million in gross cash proceeds, including $230 million of cash held in the SCVX trust, assuming no redemptions. In addition, investors including XN, Hudson Bay Master Fund, SB Management Limited (a subsidiary of SoftBank Group Corp and manager to SB Northstar), Fidelity Management & Research Company, and Alyeska Investment Group, have committed to invest $205 million in a PIPE at a price of $10 per share.
SCVX’s sponsor and certain other SCVX stockholders will be restricted from transferring or selling their shares until the earlier to occur of either 180 days after the closing of the deal, subject to the satisfaction of certain equity performance thresholds, or one year after the closing of the merger.
Pending regulatory and shareholder approvals, upon closing the combined company would operate as Bright Machines and trade on the NYSE under BRTM. Read more.
