As previously reported
on a Current Report on Form 8-K filed by the Company on September 5, 2018, on September 4, 2018, the Company entered into a Business
Combination Agreement (the “Business Combination Agreement”) with DOTA Holdings Limited, a newly formed Cayman Islands
exempted company (“Holdco”), DOTA Merger Subsidiary Inc., a newly formed Delaware corporation and a wholly-owned subsidiary
of Holdco (“Merger Sub”), Draper Oakwood Investments, LLC, a Delaware limited liability company, in the capacity as
the Purchaser Representative thereunder, Reebonz, and the shareholders of Reebonz
named therein (the “Sellers”). Pursuant to the Business Combination Agreement, (1) Merger Sub will merge with
and into Draper Oakwood, with Draper Oakwood surviving the merger, and each of the former security holders of Draper Oakwood receiving
securities of Holdco and (2) the outstanding share capital of Reebonz will be exchanged by the Sellers for ordinary shares of Holdco
and the outstanding options and warrants of Reebonz will be assumed by Holdco (with equitable adjustments and additional amendments
to the options) (collectively, the “Business Combination”).
Forward-Looking Statements
Certain statements made herein are “forward-looking
statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,”
“forecast,” “intend,” “expect,” “anticipate,” “believe,” “may”,
“seek,” “target” and other similar expressions that predict or indicate future events or trends or that
are not statements of historical matters. Such forward-looking statements include the timing of the Business Combination; the ability
of Draper Oakwood and Reebonz to consummate the Business Combination; the business plans, objectives, expectations and intentions
of the parties once the Business complete; and Draper Oakwood’s and Reebonz’s future results of operations, business
strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect
the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised
in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations
or projections.
The following
factors, among others, could cause actual results to differ materially from those described in these forward-looking
statements: the occurrence of any event, change or other circumstances that could give rise to the termination of the
Business Combination Agreement; the outcome of any legal proceedings that may be instituted against Reebonz or Draper Oakwood
following the announcement of the proposed Business Combination and the other transactions contemplated thereby; the
inability to complete the proposed Business Combination or the other transactions due to the failure to obtain approval of
the stockholders of Draper Oakwood, or other conditions to closing in the Business Combination Agreement; the inability to
maintain the listing of Holdco’s securities on The NASDAQ Capital Market or any other stock exchange following the
proposed Business Combination; the risk that the proposed Business Combination or the other transactions may disrupt current
plans and operations as a result of the announcement and consummation of the proposed Business Combination described herein;
the inability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among
other things, competition and the inability of the combined business to grow and manage growth profitably; Reebonz’s
ability to execute its plans to further grow its business and the timing and costs of the development
programs; Reebonz’s estimates of the size of the markets for its products and services; the rate and degree of market
acceptance of Reebonz’s products and services; rising costs adversely affecting Reebonz’s profitability; costs
related to the proposed Business Combination; the intense competition in the industry; the possibility that Reebonz or Draper
Oakwood may be adversely affected by other economic, business, and/or competitive factors; the risk of loss of key personnel
or inability to recruit talent; and other risks and uncertainties described herein, as well as those risks and uncertainties
discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the
“SEC”) by Draper Oakwood and Reebonz.
Additional
information concerning these and other factors that may impact our expectations and projections can be found in Draper
Oakwood’s periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December
31, 2017 and in the preliminary and definitive proxy statements filed by Draper Oakwood with the SEC when available. Our SEC
filings are available publicly on the SEC’s website at www.sec.gov. Draper Oakwood and Reebonz disclaim any obligation
to update the forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by law.
Additional Information about the Transactions and Where
to Find It
In connection with the Business Combination,
Draper Oakwood has filed a preliminary statement and will file a definitive proxy statement with the SEC and will mail a definitive
proxy statement and other relevant documents to its stockholders. Investors and security holders of Draper Oakwood are advised
to read the preliminary proxy statement, amendments thereto, and, when available, the definitive proxy statement in connection
with Draper Oakwood’s solicitation of proxies for its stockholders’ meeting to be held to approve the Business Combination
because the proxy statements will contain important information about the Business Combination and the parties to it. The definitive
proxy statement will be mailed to stockholders of Draper Oakwood as of a record date to be established for voting on the Business
Combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s
website at
www.sec.gov
or by directing a request to: Draper Oakwood Technology Acquisition, Inc. c/o Aamer Sarfraz, Draper Oakwood Investments, LLC, 55 East 3rd Ave., San Mateo, CA 94491.
Participants in the Solicitation
Draper Oakwood, Reebonz, and their respective
directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants
in the solicitation of proxies of Draper Oakwood’s stockholders in connection with the Business Combination. Information
regarding the participants is available in the preliminary proxy statement filed by Draper Oakwood with the SEC on September 17,
2018. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect
interests is contained in the preliminary proxy statement, which can be obtained free of charge from the sources indicated above.
Disclaimer
This report shall neither constitute an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such jurisdiction.