Business

Valor Latitude announces a $200 million tech SPAC in Latin America

The company intends to seek a business combination with a technology-enabled Latin American company

Scott Sobel, Valor Capital Group
Scott Sobel, Co-founder and Managing Partner of Valor Capital Group. Photo: Paulo Vitale
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  • It is the third SPAC in Latin America, after SoftBank and Alpha;
  • Valor Capital Group has been dedicated to investments in technology at an early stage in Brazil.

Valor Latitude announced that it priced its 20,000,000 units at $10.00 per unit and raised $200 million on initial public offering. It is the third SPAC in Latin America, after SoftBank and Alpha. The units are expected to be listed on the Nasdaq and trade under the ticker symbol “VLATU” beginning on Tuesday. 

Valor Capital Group has been dedicated to investments in technology at an early stage in Brazil, such as Tembici, a rental bike service, and CargoX, a logistics startup.

READ ALSO: From Tembici to CargoX, Valor Capital Group keeps investing in Brazilian startups amid the COVID-19 pandemic

According to a statement from the company, Valor Latitude was formed 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 intends to seek a business combination with a technology-enabled Latin American company,” says the note.

Valor Latitude’s founders include Clifford M. Sobel (Chairman), Scott Sobel (Director), Mario Mello (Chief Executive Officer and Director) and J. Douglas Smith (Chief Financial Officer). 

READ ALSO: Mexican Casai debuts in Brazil with a smart-hospitality concept for vacation rentals

Bank of America Securities and Barclays are acting as the book-running managers of the offering.

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