Xsolla SPAC 1 increased its initial public offering proceeds by approximately $4.2 million after underwriters partially exercised an over-allotment option. The additional units put the company’s total IPO proceeds over $204 million.
Xsolla SPAC 1 Announces Closing of Partial Exercise of Over-Allotment
Key Takeaways:
- Xsolla SPAC 1 is a Cayman Islands exempted special purpose acquisition company.
- Underwriters exercised an option to buy 419,385 extra units.
- The purchase price was $10.00 per unit, adding $4.2 million in gross proceeds.
- Total units sold in this IPO now stand at 20,419,385.
- IPO proceeds have reached $204,193,850 to date.
Background
Xsolla SPAC 1, formed as a Cayman Islands exempted company, recently conducted an initial public offering aimed at raising capital to support potential acquisition opportunities. In a move that underscores the confidence of its underwriters, the company has announced the partial exercise of an over-allotment option.
The Partial Over-Allotment Option
Underwriters of the IPO took advantage of their right to purchase additional units at the standard offering price of $10.00 each. Specifically, they exercised the option to buy 419,385 units. This transaction alone netted the company approximately $4.2 million in gross proceeds.
Remaining Option
Although this was a partial exercise, the underwriters maintain the ability to purchase up to 2,580,615 more units in the future. The extent to which they utilize this remaining option could further boost the company’s overall proceeds.
Impact on Total IPO Proceeds
Following the partial exercise, the total number of units sold in Xsolla SPAC 1’s IPO rose to 20,419,385. This brought the total amount of gross proceeds to $204,193,850, reinforcing the company’s strong market debut.
Corporate Structure and Future Outlook
Organized primarily to effect a merger or similar business combination, Xsolla SPAC 1 now has additional resources at its disposal. Its status as a Cayman Islands exempted company underscores an international scope that may appeal to investors. With the new funding, the company is expected to continue evaluating growth opportunities in the months ahead.