Xsolla SPAC 1 (NASDAQ: XSLL), a blank check company formed for the purpose of effecting a business combination, 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. This exercise generated approximately $4.2 million in additional gross proceeds, bringing the total units sold to 20,419,385 and aggregate gross proceeds to $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 purchase additional shares to cover over-allotments and stabilize the stock price after the IPO. The partial exercise indicates demand for the company's units and provides additional capital for the SPAC's search for a target business. Xsolla SPAC 1 has not yet selected a specific business combination target and has not engaged in substantive discussions with any target. The company 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.
SPACs, or special purpose acquisition companies, raise capital through an IPO with the intention of merging with a private company to take it public. The additional funds from the over-allotment exercise increase Xsolla SPAC 1's war chest for a potential acquisition. The company's management team brings experience from the gaming and technology sectors, which may influence the type of target they pursue. For more information, visit http://xsollaspac.com/. The full press release is available at https://ibn.fm/XUYRN.
