Xsolla SPAC 1 (NASDAQ: XSLL) announced that the underwriters of its initial public offering partially exercised their over-allotment option to purchase an additional 419,385 units at $10.00 per unit, generating approximately $4.2 million in additional gross proceeds. This increases the total units sold to 20,419,385 for 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 over-allotment option, also known as the greenshoe option, allows underwriters to sell additional shares to meet excess demand. The partial exercise indicates strong investor interest in the SPAC. Xsolla SPAC 1 is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company has not yet selected any specific business combination target and has not engaged in substantive discussions with any target.
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. For more information, visit http://xsollaspac.com/.
This announcement is significant as it provides Xsolla SPAC 1 with additional capital to pursue a potential business combination. The additional $4.2 million in trust increases the funds available for a target company, potentially making the SPAC more attractive. The full press release is available at https://ibn.fm/XUYRN.
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