Tech SPAC Yotta Acquisition Prices US$100 Million IPO
Special purpose acquisition company Yotta Acquisition Corporation (Nasdaq: YOTAU) started trading its securities on the Nasdaq Global Market today. The firm priced its initial public offering, aiming to raise total proceeds of US$100.0 million.
The offering will entail selling 10.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share, one redeemable warrant, and one-tenth of a right. Each warrant is exercisable to purchase one common share at US$11.50 per share while each whole right equates one common share upon business combination.
The company units trade on the Nasdaq big board under the symbol “YOTAU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “YOTA”, “YOTAW”, and “YOTAR”, respectively.
The proposed offering is being managed by Chardan as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 1.5 million company units.
The blank check company intends to focus its search for business combinations within high technology, blockchain, software and hardware, e-commerce, social media, and other general business industries globally.
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.
