OLX Founder-Led Tech SPAC Global Technology Acquisition Closes US$200.0 Million IPO

Special purpose acquisition company Global Technology Acquisition Corp. I (Nasdaq: GTACU) closed on Monday its initial public offering on the Nasdaq Global Market. The firm was able to raise approximately US$200.0 million in its debut on the big board.

The offering consisted of 20.0 million company units at US$10.00 per unit, an upsize from the previous plan of 15.0 million units. Each unit contains one Class A common share and one-half of a redeemable warrant. Each whole warrant is exercisable for one common share at US$11.50 per share. The company units are currently trading under the symbol “GTACU” while the shares and purchase warrants, once trading separately, will be trading under “GTAC” and “GTACW”, respectively.

Citigroup Global Markets Inc. and Goldman Sachs & Co. acted as joint bookrunners for the said offering. The offering also includes 2.5 million company units issued upon the exercise of the underwriter’s over-allotment option.

The blank check firm is being led by OLX Group co-founder Fabrice Grinda as its executive chairman and Greentrail Capital founder Amau Porto as its chief executive officer. For its target businesses, the firm said it intends to focus on companies “that operate in the marketplace, financial technology, and Software-as-a-service verticals within Europe, Latin America, and the United States”.

Global Technology Acquisition last traded at US$10.08 on the Nasdaq.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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