Xsolla SPAC 1 (NASDAQ: XSLL), a special purpose acquisition company, announced on [date] 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 units sold 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 sole book-running manager for the offering.
The partial exercise of the over-allotment option indicates robust demand for Xsolla SPAC 1's units and provides the company with additional capital to pursue its initial business combination. SPACs, or blank check companies, are formed to merge with or acquire one or more businesses. Xsolla SPAC 1 has not yet selected a specific target and has not engaged in substantive discussions with any potential target. The company's management team is led by Chairman Aleksandr Agapitov, CEO Dmitry Burkovskiy, CFO Rytis Joseph Jan, and Chief Legal Officer Carla Bedrosian, Esq. The board also includes Xuan Li, Maxwell Gover, Wenfeng Yang, Perry Michael Fischer, and Eugenie Levin.
The additional funds increase the SPAC's ability to negotiate a larger or more strategic acquisition. The company intends to use the proceeds to fund its search and eventual business combination. Investors should note that SPACs typically have a limited timeframe to complete a merger, and failure to do so results in liquidation. Xsolla SPAC 1's management brings experience from the gaming and technology sectors, which may inform their target selection.
For more information, visit http://xsollaspac.com/. The full press release is available at https://ibn.fm/XUYRN.
