DD3 Acquisition Corp. Securities to Commence Separate Trading Underwriters Exercise Over-allotment Option
October 22 2018 - 4:05PM
Business Wire
DD3 Acquisition Corp. (Nasdaq:DDMXU) (the “Company”) announced today that the holders of the
Company’s units may elect to separately trade the ordinary shares
and warrants underlying the units commencing on October 23, 2018.
The ordinary shares and warrants will be listed on the Nasdaq
Capital Market under the ticker symbols “DDMX” and “DDMXW,”
respectively. Units not separated will continue to be listed on the
Nasdaq Capital Market under the ticker symbol “DDMXU.”
On October 16, 2018, the Company completed its initial public
offering of 5,000,000 units at $10.00 per unit. Each unit consists
of one ordinary share, no par value, and one warrant, with each
warrant entitling the holder to purchase one ordinary share at a
price of $11.50. Of the proceeds received from the consummation of
the initial public offering and a simultaneous private placement of
units, $50,000,000 (or $10.00 per ordinary share sold in the
offering) was placed in trust. An audited balance sheet of the
Company as of October 16, 2018 reflecting receipt of the proceeds
upon consummation of the initial public offering and the private
placement will be included as Exhibit 99.1 to a Current Report on
Form 8-K to be filed by the Company with the Securities and
Exchange Commission.
In connection with its initial public offering, the Company
granted the underwriters a 45-day option to purchase up to an
additional 750,000 units to cover over-allotments. On October 18,
2018, the underwriters partially exercised the over-allotment
option by electing to purchase from the Company 565,000 additional
units. After giving effect to the partial exercise of the
over-allotment option, the total number of units sold by the
Company in the initial public offering increased to 5,565,000 and
the total gross proceeds increased to $55,650,000. The exercise of
the over-allotment option is expected to close on October 23, 2018,
subject to customary closing conditions.
DD3 Acquisition Corp. is a newly formed blank check company
organized for the purpose of entering into a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. The Company’s efforts to identify a
prospective target business will not be limited to a particular
industry or geographic region, although the Company initially
intends to focus on target businesses located in Mexico and
Hispanic businesses in the United States.
EarlyBirdCapital, Inc. acted as sole book-running manager of the
offering, and I-Bankers Securities, Inc. acted as co-manager. The
offering was made only by means of a prospectus, copies of which
may be obtained from EarlyBirdCapital, Inc., 366 Madison Avenue,
8th Floor, New York, NY 10017, Attn: Investor Relations,
212-661-0200. Copies are also available on the Securities and
Exchange Commission’s website, www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including with respect to the initial public offering
and the anticipated use of the proceeds thereof, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward looking statements, including those set forth in
the risk factors section of the prospectus used in connection with
the Company’s initial public offering. No assurance can be given
that the offering discussed above will be completed on the terms
described, or at all, or that the net proceeds of the offering will
be used as indicated. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20181022005797/en/
Daniel SalimChief Financial OfficerDD3 Acquisition Corp.+52 (55)
8647 0467
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