Item 8.01 Other Events.
On September 14, 2020, Starboard Value Acquisition Corp. (the "Company")
consummated its initial public offering (the "IPO") of 36,000,000 units (the
"Units") at an offering price of $10.00 per Unit and a private placement with
SVAC Sponsor LLC of 6,133,333 private placement warrants at a price of $1.50 per
warrant (the "Private Placement"). The net proceeds from the IPO together with
certain of the proceeds from the Private Placement, $360,000,000 in the
aggregate (the "Offering Proceeds"), were placed in a trust account established
for the benefit of the Company's public stockholders and the underwriters of the
IPO with Continental Stock Transfer & Trust Company acting as trustee. Except
for the withdrawal from interest earned on the Offering Proceeds in the trust
account to fund taxes payable, or upon the redemption by public stockholders of
Class A common stock in connection with certain amendments to the Company's
amended and restated certificate of incorporation, none of the funds held in the
trust account will be released until the earlier of the completion of the
Company's initial business combination or the redemption of 100% of the shares
of Class A common stock included in the Units and issued by the Company in the
IPO if the Company is unable to consummate an initial business combination
within 24 months from the closing of the IPO.
An audited balance sheet as of September 14, 2020 reflecting receipt of the
Offering Proceeds has been issued by the Company and is included as Exhibit 99.1
to this Current Report on Form 8-K.
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