Crypto 1 Acquisition Closes $230 Million IPO
Crypto 1 Acquisition, a blank check company, said Friday it has closed its initial public offering of 23 million units priced at $10 apiece for gross proceeds of $230 million. The offering included 3 million units issued in connection with the exercise of the overallotment option.
Each unit represents one class A ordinary share and three-quarters of a redeemable warrant. Each whole warrant entitles the holder to purchase on class A ordinary share at a price of $11.50 per share.
Of the proceeds from the offering and a concurrent private placement of warrants, about $231.2 million has been placed in the company’s trust account, according to a statement.
Early this week, the company had announced it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “DAOOU” beginning on December 7, 2021.
It said each unit consists of one Class A ordinary share and three-quarters of one full redeemable warrant. Each whole warrant entitles the holder thereof 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 redeemable warrants are expected to be listed on NASDAQ under the symbols “DAOO” and “DAOOW,” respectively”, It said in a statement.
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
The focus of the team is to pursue a business combination with significant digital assets and cryptocurrency exchange, payment system and/or related financial services company, including wallets, lending and decentralized finance.
“We will not pursue any target nor consummate an initial business combination with any entity that is incorporated, organized or has its principal business operations in China, Hong Kong or Macau.
“The management team is led by Dr. Najamul Kidwai, Founder and Chairman, Michael (Xu) Zhao, Founder and Chief Executive Officer, and David Hytha, Chief Financial Officer.
B. Riley Securities Inc. acts as the sole book-runner and lead manager of the offering. The Company has had granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments if any.
# Crypto 1 Acquisition Closes $230 Million IPO… Read Also: Helios Towers launches up to $1.8 bn London IPO -source
