Market Capitalization (Millions $) |
- |
Shares
Outstanding (Millions) |
32 |
Employees |
- |
Revenues (TTM) (Millions $) |
- |
Net Income (TTM) (Millions $) |
-2 |
Cash Flow (TTM) (Millions $) |
0 |
Capital Exp. (TTM) (Millions $) |
0 |
Switchback Ii Corporation
The company was incorporated on October 7, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company reviewed, and continues to review, a number of opportunities to enter into an initial business combination with an operating business, but it is not able to determine at this time whether it will complete an initial business combination with any of the target businesses that it has reviewed or with any other target business.
Prior to the Public Offering, on October 7, 2020, the company's Sponsor purchased an aggregate of 7,906,250 Class B ordinary shares, par value $0.0001 per share (the "Founder Shares"), for an aggregate purchase price of $25,000, or approximately $0.003 per share. In October 2020, the Sponsor returned to the company at no cost an aggregate of 718,750 Founder Shares, which the company cancelled. In January 2021, the company effected a share capitalization with respect to Class B ordinary shares of 718,750 shares thereof, resulting in the Sponsor holding an aggregate of 7,906,250 Founder Shares. In January 2021, the Sponsor transferred 40,000 Founder Shares to each of the company's independent directors at their original purchase price. In January 2021, the underwriter purchased all of the Overallotment Units. The holders of the Founder Shares (including the Sponsor and the independent directors) are referred to as the "initial shareholders".
On the Closing Date, the company consummated its Public Offering of 31,625,000 units at a price of $10.00 per unit, generating gross proceeds to the company of $316.3 million. Each unit consists of one Class A ordinary share par value $0.0001 per share, and one-fifth of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Simultaneously with the consummation of the Public Offering, the company completed the private sale of 5,550,000 private placement warrants at a purchase price of $1.50 per warrant to its Sponsor, generating gross proceeds to the company of approximately $8.3 million. Each Private Placement Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.
In connection with the Public Offering, the underwriter of the Public Offering was granted an option to purchase up to an additional 4,125,000 Units (the "Overallotment Units"). On January 12, 2021, the underwriter fully exercised its over-allotment option.
The company received gross proceeds from the Public Offering and the sale of the Private Placement Warrants of approximately $316.3 million and $8.3 million, respectively, for an aggregate of approximately $324.6 million. Approximately $316.3 million of the gross proceeds were deposited into a U.S. based trust account, with Continental Stock Transfer & Trust Company acting as trustee. The approximately $316.3 million of net proceeds held in the Trust Account includes approximately $11.1 million of deferred underwriting discounts and commissions that will be released to the underwriter of the Public Offering upon completion of the company's initial business combination. Of the gross proceeds from the Public Offering and the sale of the Private Placement Warrants that were not deposited in the Trust Account.
Company Address: 5949 Sherry Lane Dallas 75225 TX
Company Phone Number: 514-9535 Stock Exchange / Ticker: NYSE SWBK
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