Appleby Advises Silicon Valley Acquisition Corp. in Its USD215M Initial Public Offering
Appleby is pleased to announce that it acted as Cayman Islands legal counsel to Silicon Valley Acquisition Corp. (Silicon Valley) in connection with the closing of its initial public offering of 1,500,000 units subject to the over-allotment option granted to the underwriters in connection with its previously announced initial public offering. The additional units were sold at $10.00 per unit, generating additional gross proceeds to Silicon Valley of $15,000,000. After giving effect to the exercise of the option, an aggregate of 21,500,000 units have been issued in the initial public offering at an aggregate offering price of $215,000,000.
Each unit consists of one Class A ordinary share of Silicon Valley and one-half of one redeemable public warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of Silicon Valley at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “SVAQ” and “SVAQW,” respectively.
Appleby advised on all Cayman Islands legal aspects of the transaction, reflecting its established track record and expertise in IPOs and capital markets regulation.
The Appleby Capital Markets team was led by Counsel Alexandra Low, with Partner Simon Raftopoulos, Paralegal Sophia Cunningham and other members of the corporate team.
Appleby continues to play a key role in major IPO and public-market matters worldwide.
