Wejo, a global leader in connected vehicle data, today commented
on the Infrastructure and Jobs Act, one of the largest U.S.
infrastructure packages in history, passed by the U.S. House of
Representatives on Friday. The legislation aims to invest roughly
$1 trillion for upgrading U.S. critical infrastructure, which
provides an immense opportunity for the broader connected mobility
industry, and further Wejo’s mission to solve critical
transportation challenges.
Richard Barlow, founder and CEO of Wejo, stated: “The
Infrastructure and Jobs Act represents a significant milestone in
the path to modernizing the U.S. transportation ecosystem, which we
believe is well-aligned with Wejo’s mission to solve the critical
transportation challenges we face today. This legislation further
validates the importance of Wejo’s connected vehicle data platform,
which has a multitude of solutions, including electric
infrastructure design and efficiency, traffic management, road
safety and maintenance, fleet management, diagnostics and
more.”
Connected vehicle data collection and utilization is a critical
component in the creation of a modernized U.S. transportation
system, which the Infrastructure and Jobs Act sets out to achieve.
City and state governments, businesses, automakers, and electric
vehicle charging companies will heavily rely on connected vehicle
data to gain a comprehensive understanding of how to maximize the
use of new roadways and thoroughfares created through the
legislation, and Wejo is well-positioned to analyze and share this
data, using the 17 billion data points across a network of 11.9
million vehicles that it collects. The collaborative work already
undertaken between Wejo and the Hawksbill Group around the
establishment of commercial connections with governmental units has
laid the groundwork for success in this space and to make mobility
more efficient.
Bob Ferguson, Founder and Chief Executive of the Hawksbill
Group, added: “This legislation will revolutionize the
transportation system as we know it, and successfully executing
this program will depend significantly on understanding driving
habits, the optimal use of roadways, and the best way to utilize
electric vehicle infrastructure to achieve a zero-emission future.
Wejo’s high-quality, proprietary data platform will soon become
indispensable technology to all entities involved in the
transportation ecosystem, and we look forward to working with our
partners to combat climate change and make mobility safer, smarter,
and more sustainable.”
Wejo expects to become a publicly listed company through its
planned merger with Virtuoso Acquisition Corp. (NASDAQ: VOSO).
About Wejo
Wejo is a global leader in connected vehicle data,
revolutionizing the way we live, work and travel by transforming
and interpreting real-time vehicle data. The company enables
smarter mobility by organizing 12 trillion data points from
approximately 12 million vehicles and more than 59 billion journeys
globally, across multiple brands, makes and models, and then
standardizing and enhancing those streams of data on a vast scale.
Wejo partners with ethical, like-minded companies and organizations
to turn that data into insights that unlock value for consumers.
With the most comprehensive and trusted data, underpinned by
leadership in data privacy, Wejo is creating a smarter, safer, more
sustainable world for all. Founded in 2014, Wejo employs more than
250 people and has offices in Manchester in the UK and in regions
where Wejo does business around the world. For more information,
visit: www.wejo.com.
Forward-Looking Statements.
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Virtuoso Acquisition
Corp.’s (“Virtuoso”) and Wejo Limited’s, a private limited company
incorporated under the laws of England and Wales with company
number 08813730 (“Wejo”) actual results may differ from their
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 (or the negative versions of
such words or expressions) are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, Virtuoso’s and Wejo’s expectations
with respect to future performance and anticipated financial
impacts of the proposed business combination, the satisfaction or
waiver of the closing conditions to the proposed business
combination, and the timing of the completion of the proposed
business combination.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. Most of these factors
are outside Virtuoso’s and Wejo’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (i) the occurrence of any event, change, or other
circumstances that could give rise to the termination of the
Agreement and Plan of Merger (the “Merger Agreement”); (ii) the
outcome of any legal proceedings that may be instituted against
Virtuoso, Wejo Group Limited, a company incorporated under the laws
of Bermuda (the “Company”) and/or Wejo following the announcement
of the Merger Agreement and the transactions contemplated therein;
(iii) the inability to complete the proposed business combination,
including due to failure to obtain approval of the stockholders of
Virtuoso, certain regulatory approvals, or the satisfaction of
other conditions to closing in the Merger Agreement; (iv) the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the Merger Agreement or could
otherwise cause the transaction to fail to close; (v) the impact of
the COVID-19 pandemic on Wejo’s business and/or the ability of the
parties to complete the proposed business combination; (vi) the
inability to obtain or maintain the listing of the Company’s common
shares on the Nasdaq Stock Market following the proposed business
combination; (vii) the risk that the proposed business combination
disrupts current plans and operations as a result of the
announcement and consummation of the proposed business combination;
(viii) the ability to recognize the anticipated benefits of the
proposed business combination, which may be affected by, among
other things, competition, the ability of Wejo to grow and manage
growth profitably, and retain its key employees; (ix) costs related
to the proposed business combination; (x) changes in applicable
laws or regulations; and (xi) the possibility that Wejo, Virtuoso
or the Company may be adversely affected by other economic,
business, and/or competitive factors. The foregoing list of factors
is not exclusive. Additional information concerning certain of
these and other risk factors is contained in Virtuoso’s most recent
filings with the SEC and is contained in the Company’s preliminary
Form S-4 (the “Form S-4”), which was filed on July 16, 2021 (as
amended on September 7, 2021, October 1, 2021, October 7, 2021 and
October 18, 2021), and thereafter declared effective on October 22,
2021, including the definitive proxy statement/prospectus filed on
October 22, 2021 in connection with the proposed business
combination. All subsequent written and oral forward-looking
statements concerning Virtuoso, Wejo or the Company, the
transactions described herein or other matters and attributable to
Virtuoso, the Company or any person acting on their behalf are
expressly qualified in their entirety by the cautionary statements
above. Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Each of Virtuoso, Wejo and the Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in their expectations with respect thereto or
any change in events, conditions, or circumstances on which any
statement is based, except as required by law.
No Offer or Solicitation.
This communication is not a proxy statement or solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of Virtuoso, the Company or Wejo, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended, or exemptions
therefrom.
Important Information About the Proposed Business Combination
and Where to Find It.
In connection with the proposed business combination, a
preliminary registration statement on Form S-4 was filed by the
Company with the SEC on July 16, 2021 (as amended on September 7,
2021, October 1, 2021, October 7, 2021 and October 18, 2021), which
was thereafter declared effective on October 22, 2021. The Form S-4
included preliminary proxy statements to be distributed to holders
of Virtuoso’s common stock in connection with Virtuoso’s
solicitation for proxies for the vote by Virtuoso’s stockholders in
connection with the proposed business combination and other matters
as described in the Form S-4, as well as a prospectus of the
Company relating to the offer of the securities to be issued in
connection with the completion of the business combination.
Virtuoso, Wejo and the Company urge investors, stockholders and
other interested persons to read the Form S-4, including the proxy
statement/prospectus incorporated by reference therein, as well as
other documents filed with the SEC in connection with the proposed
business combination, as these materials contain important
information about Wejo, Virtuoso, and the proposed business
combination. Such persons can also read Virtuoso’s final prospectus
dated January 21, 2021 (SEC File No. 333-251781), for a description
of the security holdings of Virtuoso’s officers and directors and
their respective interests as security holders in the consummation
of the proposed business combination. After the Form S-4 was
declared effective, the definitive proxy statement/prospectus was
mailed to Virtuoso’s stockholders as of a record date of October
14, 2021 for voting on the proposed business combination.
Stockholders are also be able to obtain copies of such documents,
without charge, at the SEC’s website at www.sec.gov, or by
directing a request to: Virtuoso Acquisition Corp., 180 Post Road
East, Westport, CT 06880, or (203) 227-1978. These documents can
also be obtained, without charge, at the SEC’s web site
(http://www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation.
Virtuoso, Wejo, the Company and their respective directors,
executive officers and other members of their management and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Virtuoso’s stockholders in connection
with the proposed business combination. Investors and security
holders may obtain more detailed information regarding the names,
affiliations and interests of Virtuoso’s directors and executive
officers in Virtuoso’s final prospectus dated January 21, 2021 (SEC
File No. 333-251781), which was filed with the SEC on January 26,
2021. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies of Virtuoso’s
stockholders in connection with the proposed business combination
is set forth in the definitive proxy statement/prospectus for the
proposed business combination. Information concerning the interests
of Virtuoso’s and Wejo’s participants in the solicitation, which
may, in some cases, be different than those of Virtuoso’s and
Wejo’s equity holders generally, is set forth in the definitive
proxy statement/prospectus relating to the proposed business
combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211108005824/en/
Wejo Media Contact Mark Semer/Sam Cohen Gasthalter & Co.
(212) 257-4170 wejo@gasthalter.com
Wejo Investor Relations Tahmin Clarke
investor.relations@wejo.com
Idalia Rodriguez Arbor Advisory Group
investor.relations@wejo.com
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