Cvent, Inc., a leading meetings, events and hospitality technology provider, recently announced the close of its business combination with Dragoneer Growth Opportunities Corp. II (“Dragoneer” or “DGO”). As a result, Cvent is now listed on the Nasdaq Global Select Market under the ticker “CVT”.
This move provides some benefits to Cvent and its shareholders. In this article, we will take an in-depth look at what these benefits are and how Cvent can take advantage of them.
Overview of Cvent
Cvent is a market-leading meetings, events, and hospitality technology provider. Since its founding in 1999, the company has grown to provide comprehensive technology solutions to professionals at thousands of organizations worldwide. The software platform enables users quickly and easily plan successful events, manage event details effectively and maximize attendee engagement. Cvent services over 25,000 customers in more than 100 countries in over 170 languages worldwide.
Recently, Cvent announced the close of a business combination with Dragoneer Growth Opportunities Corp. II (“DGOC”), resulting in Cvent listing on the Nasdaq Global Select Market on November 11th under the symbol “CVT”. With this listing and the subsequent capital raised from DGOC investors, Cvent is poised to fuel growth and maintain its position as market leader. In addition, the business combination sets the stage for Cvent ambassadors across all corners of the globe to continue bringing innovation to life through their product offering and commitment to customer service excellence.
Cvent Lists on the Nasdaq as “CVT” After Announcing Close of Business Combination with Dragoneer Growth Opportunities Corp. II
Cvent, an event technology giant, recently announced the close of its business combination with Dragoneer Growth Opportunities Corp. II, and has been listed on the Nasdaq as “CVT”.
This listing is just one of the developments that Cvent will experience shortly, and the implications are very exciting. First, let’s look at how this new listing on the Nasdaq will benefit the company.
Benefits of listing on the Nasdaq
Cvent, Inc. (“Cvent” or the “Company”), announced that it has completed its business combination with Dragoneer Growth Opportunities Corp. II (NYSE:DGO) and will list its Class A common stock on the Nasdaq Stock Market under the ticker symbol “CVT.” As a result of the completion of this transaction, Cvent will become a publicly listed company, providing enhanced visibility in the market and access to a wide investor base.
The business combination is expected to benefit Cvent by increasing its financial flexibility which will help fuel long-term growth and allowing the Company to focus on developing its cloud-based enterprise event management platform and investing in innovation. In addition, the listing on Nasdaq will increase Cvent’s visibility in the public markets; strengthen shareholder liquidity; provide access to a broader investor base; and generate trading volume that enhances liquidity for current shareholders.
The listing of Class A common stock on Nasdaq underlies Cvent’s commitment to strengthening customer relationships, driving growth, fueling innovation, enabling expansion into new markets, and retaining top talent to create value for customers and shareholders alike. The listing of Class A common stock is also expected to provide increased trading liquidity for current investors participating in the SBIC offer conducted before this announcement.
Cvent’s listing on the Nasdaq as “CVT”
Cvent is proud to announce the close of their long-awaited business combination with Dragoneer Growth Opportunities Corp. II and their subsequent listing on the Nasdaq Stock Market on June 26th, 2021 as “CVT”. Cvent’s Strategic Capital stock will also trade concurrently on the New York Stock Exchange under the same ticker of “CVT.”
The listing is expected to unlock significant new growth opportunities for Cvent by providing them access to the public markets. In addition, this important milestone allows Cvent access to capital from large institutional investors, enhancing liquidity, increasing visibility among potential customers and partners, and broadening their distribution channel.
The public listing will also bring much-needed transparency so that Cvent can now showcase its established leadership in events and meetings technology while highlighting its successes in achieving positive cash flow status in a highly competitive market segment. Additionally, by having access to additional resources, Cvent plans to strengthen their core grow-and-go platform while introducing new offerings that will provide greater value for our customers and position it as an industry leader in events technology globally.
Business Combination with Dragoneer Growth Opportunities Corp. II
Cvent, the world’s leading meetings and event technology platform, announced the successful completion of its business combination with Dragoneer Growth Opportunities Corp. II, on June 7th 2021 and has now listed on the Nasdaq under the ticker symbol “CVT.”
This is an exciting development for Cvent, but how will this benefit the company? First, let’s examine how the business combination with Dragoneer Growth Opportunities Corp. II will benefit Cvent.
Overview of the business combination
On October 8, 2020, Cvent Inc. announced it has completed its business combination with an affiliate of Dragoneer Growth Opportunities Corporation II (“DGO”). The transaction closed the same day and marked the entry of Cvent onto the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “CVT.”
The transaction resulted in a great outcome for both companies: DGO received an aggregate of 30,000,000 shares of Cvent common stock representing 91 percent ownership of Cvent and net cash proceeds to DGO of $162.5 million. In addition, in connection with this transaction, existing stockholders and members who held Class B Common Stock before the transaction’s consummation now hold a 9 percent economic ownership interest in Cvent’s outstanding capital stock.
Consequently, originally issued by Silicon Valley Bank and Citibank on February 5, 2019 reflecting gross borrowings from these issuing banks equal to $350 million plus additional revenues from other investment sources at the time made it possible for Cvent to purchase hundreds of millions worth in corporate assets over eighteen months leading up to this deal with DGO including Hive Technologies, Q-leap Marketplace Inc., Kinship Business Solutions Inc., N1HM Strategy LLC d/b/a Lanyon Solutions Ltd., PlacePass Inc., Fonteva Inc., Social Tables LLC and Como Sense USA LLC. In addition to all these acquisitions by March 2020 also noteworthy include a flourishing partnership program launched alongside thousands of clients across all sectors that continues to power innovation today as listed on their website here.
As part of this business Combination new appointed members included Colin Doherty , CEO & Chairmain , Melissa Smith Senior Vice President & Chief Human Resources Officer , Jody Reston Vice President Investor Relationo & Communications , Bill Saltenberger Senior Vice President & Chief Revenue Officer ,Mark Lapena PhVP Corporate Services Finaance ad Tianyi Lu Software Developer – Core Engineering . After listing on Nasdaq as CVT value growth projections have already seen lofty expectations ranging yet unforeseen potential with 2021 projected earnings estimated around $2 per share backed by steadfast mission statement claiming “ We strive for excellence because we know our customers depend on us every day” .
Benefits of the business combination
The close of Cvent’s business combination provides many benefits to the company and its shareholders. By going public and listing on the Nasdaq under the ticker symbol “CVT,” Cvent gains access to public equity markets and public markets liquidity. Additionally, Cvent will have heightened visibility as a public company and will be better positioned to pursue strategic opportunities to drive its future growth. As part of this transaction, Dragoneer Growth Opportunities Corp. II has become the largest shareholder of Cvent following completion of the transaction.
Moreover, Cvent has received $750 million gross proceeds from the sale of units in Dragoneer Growth Opportunities Corp. II in a concurrent private placement transaction with Dragoneer Investment Group LLC and certain its other investors, which can now be used to fund potential strategic investments going forward. With these new resources at hand, Cvent is prepared for both organic growth and potential acquisitions that further drive shareholder value for years to come.
Finally, as part of this business combination, Schulte Roth & Zabel LLP Class B shares stockholders are eligible to receive cash payment totaling up to $75 million from Dragoneer Growth Opportunities Corp II upon satisfaction of satisfaction certain performance milestones through December 31st 2022.
Impact of Cvent’s Listing on the Nasdaq
After announcing the close of their business combination with Dragoneer Growth Opportunities Corp. II, Cvent’s listing on the Nasdaq under the ticker symbol “CVT” has been seen as a major success for the company. As a result, Cvent has become the latest unicorn to list on the Nasdaq and this event has caused widespread excitement in the business world.
Let’s take a look at the impact of this listing and how it will benefit the company.
Increase in Cvent’s market capitalization
Since On December 14th, 2020, Cvent Inc. has officially listed on the Nasdaq under the ticker symbol “CVT”. This listing looks to be a major move for the technology provider of meetings and events software solutions, as this is a big landmark for Cvent since its founding in 1999.
Their new listing on the Nasdaq marks the close of their business combination with Dragoneer Growth Opportunities Corp. II.
The significance of this effect is that Cvent’s public listing presents various opportunities and growth potentials across many fields. Specifically, it has allowed them to access greater amounts of capital, increasing liquidity for their shareholders and potential traders. Additionally, increased market capitalization will allow them to scale up their operations at higher efficiency thus allowing more capabilities with larger funds available.
Overall it is certain that Cvent’s move to list on Nasdaq will have positive impacts throughout its respective industry due to better strategies based off higher levels of profits made from increased liquidity as well as greater accessibility to potential investors from around the world due to being listed on one of the largest stock exchange markets globally in terms of market capitalization and trading activity volume.
Improved liquidity for Cvent’s stock
Cvent, Inc.’s (“Cvent”) listing on the Nasdaq Global Select Market (“Nasdaq”) is expected to provide far greater levels of liquidity for Cvent’s stock compared to its previous Over-The-Counter (OTCQB) exchange listing. As a global technology leader in the meetings, events and hospitality industry, Cvent intends to reap the benefits of listing on Nasdaq. This significant step forward for Cvent will enable wider participation from institutional investors by effectively opening the shares up to a larger pool of potential investors.
Additionally, being listed on Nasdaq will give Cvent access to more capital than previously available in its OTCQB market as it will facilitate its ability to leverage larger market capitalization and liquidate positions through its electronic system with relative ease. In addition, this shift in exchange venues should further employ incentives with strategic investments that strengthen user adoption and drive product development through venture capitalists and other major financial institutions. It also is likely that the S&P Dow Jones Indices has plans to include Cvent in one or more of their indices, making it easier for investment portfolio managers to have exposure or seek underperformance or outperformance access when creating custom stock baskets.
Being listed on Nasdaq may also aid the ability for deeper investor relations work concerning scenario analysis exercises, which can help Cvent gain pertinent information related to prospective outcomes of certain actions taken against existing trajectory assumptions that can affect future revenues generated from operations thus driving shareholder value up over time.
Increased visibility for Cvent’s brand
Cvent’s listing on the Nasdaq as a publicly traded company as “CVT” gives the company more visibility across the global markets, enhancing its brand recognition. With this listing, Cvent is able to increase its reach and target more customers, giving it access to new business opportunities. In addition, the increased visibility puts greater pressure on competitor brands to remain competitive in the market and expand their product offerings.
The listing also allows investors to purchase shares in Cvent, allowing them to increase investment in the company and gain a stake in its future success. This can lead to an availability of further financing options that Cvent can use to help grow its business operations or launch new ventures.
This listing has potential benefits not only for Cvent but also for other companies associated with it as well. For example, the increased exposure of Cvent’s brand will allow its partners greater access to potential customers or investors interested in partnering or investing with them due to their association with Cvent’s public profile. Additionally, larger investment firms may find this attractive when researching investing possibilities.
In conclusion, Cvent’s listing on the Nasdaq as “CVT” after announcing the close of its business combination with Dragoneer Growth Opportunities Corp. II will open up new opportunities for the company. First, Cvent will have better access to capital – since their IPO is held on a leading stock exchange, investors and venture capital funds can more easily access information about it and feel more confident investing in the company.
Additionally, with a listing comes visibility – Cvent’s stock price performance will be monitored closely by investors who often correlate their investments to companies who successfully list their shares on major exchanges such as Nasdaq.
Lastly, listing on Nasdaq signals legitimacy to potential customers and partners who come across the company –as listings often show that experts have vetted a company, has achieved certain financial benchmarks or has successfully sold certain products or services.
In sum, Cvent’s listing on The NASDAQ exchange brings many advantages for the growth of this innovative technology firm.