Xsolla SPAC 1 (NASDAQ: XSLL), a blank check company formed for the purpose of effecting a merger or business combination, announced that the underwriters of its initial public offering partially exercised their over-allotment option. The underwriters purchased an additional 419,385 units at $10.00 per unit, generating approximately $4.2 million in additional gross proceeds. This brings the total number of units sold in the offering to 20,419,385, with aggregate gross proceeds of $204,193,850.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. D. Boral Capital LLC acted as the sole book-running manager for the offering. The over-allotment option was originally granted to cover over-allotments, if any. The partial exercise indicates continued investor interest in the SPAC, which has yet to identify a target for its initial business combination.
The company's management team includes Aleksandr Agapitov as Chairman, Dmitry Burkovskiy as CEO and Director, Rytis Joseph Jan as CFO and Director, and Carla Bedrosian as Chief Legal Officer and Director. The Board also includes Xuan Li, Maxwell Gover, Wenfeng Yang, Perry Michael Fischer, and Eugenie Levin. Xsolla SPAC 1 is a newly incorporated Cayman Islands exempted company and has not engaged in any substantive discussions with any business combination target.
This announcement is significant as it provides additional capital for the SPAC to pursue a potential merger or acquisition. SPACs typically have a limited time frame to complete a business combination, and the additional funds could enhance their ability to negotiate and close a deal. The partial exercise of the over-allotment option also reflects market confidence in the SPAC's management team and their ability to identify a suitable target.
For more information, visit the company's website at http://xsollaspac.com/. The full press release can be accessed at https://ibn.fm/XUYRN.
