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GTY was launched to accelerate the potential of emerging technology companies by adding experience and capital. As seasoned C-Suite executives leading companies within the technology and management consulting sectors, collectively the team has completed over 135 transactions including the sale of EMC to Dell, the largest-ever technology deal worth $67 billion.
GTY announced the closing of its initial public offering of 55,200,000 units, which includes 7,200,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $552,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The company's units began trading on The NASDAQ Capital Market ("NASDAQ") under the ticker symbol "GTYHU". Each unit consists of one of the Company's Class A ordinary shares and one-third of one redeemable warrant of the Company. Each whole warrant is exercisable to purchase one Class A ordinary share 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 "GTYH" and "GTYHW," respectively.
GTY executives rang the closing bell at Nasdaq to celebrate the close of its previously announced business combination between the company and six companies that are leading the digital transformation of the public sector market, including Bonfire Interactive Ltd. ("Bonfire"), CityBase, Inc. ("CityBase"), eCivis, Inc. ("eCivis"), Open Counter Enterprises Inc. ("Open Counter"), Questica Inc. and Questica USCDN Inc. (together with Questica Inc., "Questica") and Sherpa Government Solutions LLC ("Sherpa" and collectively with Bonfire, CityBase, eCivis, Open Counter and Questica, the "Targets"). As previously disclosed, the business combination was approved at an extraordinary general meeting of GTY's shareholders on February 14, 2019. The business combination resulted in each of the Targets and GTY becoming wholly-owned subsidiaries of a newly formed holding company which changed its name to GTY Technology Holdings Inc. (f/k/a GTY Govtech, Inc.) in connection with the closing.
The combined company's common stock and warrants are expected to begin trading on The Nasdaq Capital Market the next day (February 20, 2019) under the symbols "GTYH" and "GTYHW," respectively. None of GTY's warrants were exchanged in connection with the closing pursuant to the terms of the warrant amendment, which was approved at GTY's extraordinary meeting of warrant holders on February 14, 2019 .
The publicly-traded U.S. stocks owned by GTY Technology Holdings Inc., as reported to the Securities and Exchange Commission in filings made available to the public is listed below.
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GTY Technology
Holdings Inc. (GTYH)
GYTH
Bonfire Interactive
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Cautionary Note Concerning Forward-Looking Statements
This page includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. GTY's actual results may differ from GTY's expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, GTY's expectations with respect to future performance and anticipated impacts of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of GTY's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the risk that GTY's recent business combination disrupts current plans and operations; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of GTY and its subsidiaries to grow and manage growth profitably and retain their key employees; costs related to the business combination; the outcome of the New York and California lawsuits among the Company, OpenGov, Inc. and the other parties thereto; changes in applicable laws or regulations; the possibility that GTY may be adversely affected by other economic, business, and/or competitive factors; any government shutdown which impacted the ability of customers to purchase GTY's products and services; and other risks and uncertainties included in the final proxy statement/prospectus filed by GTY with the Securities and Exchange Commission (the "SEC") on January 31, 2019, including those under "Risk Factors" therein, and in GTY's other filings with the SEC. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
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