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SoftBank's AI-focused SPAC SVF Investment Corp. prices $525 million IPO at $10

January 8, 2021

SVF Investment Corp., a blank check company formed by SoftBank targeting artificial intelligence, raised $525 million by offering 52.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. Pursuant to a forward purchase agreement, the sponsor may buy an additional $250 million worth of units at the closing of an acquisition, or up to $300 million at the sponsor's discretion.

The company is led by CEO and Chairman Rajeev Misra, who currently serves as CEO of SoftBank Investment Advisers and as a Corporate Officer and EVP of SoftBank Group. He is joined by CFO and Director Navneet Govil, Managing Partner and CFO of SoftBank Investment Advisers. SVF Investment Corp. plans to capitalize on the impacts of artificial intelligence and the global transition to the interconnection of everyday computing devices through the internet, with an intent to identify, acquire, and manage a business in a technology-enabled sector where management has differentiated experience and insights.

SVF Investment Corp. plans to list on the Nasdaq under the symbol SVFAU. Citi, Deutsche Bank and Cantor Fitzgerald acted as lead managers on the deal.