MIAMI – (BUSINESS WIRE) –Crypto 1 Acquisition Corp (the “Company”), a recently incorporated blank checking company, announced today the closing of its initial public offering, including the exercise of the allotment option in its entirety by underwriters, resulting in the sale of a total of 23,000,000 units ( which includes 3,000,000 units issued in connection with the exercise of the over-allotment option). The offer was priced at $ 10.00 per unit, which resulted in gross revenue of $ 230,000,000.
The Company’s units began trading on the Nasdaq global market under the ticker symbol “DAOOU” on December 7, 2021.
The company is led by Dr. Najamul Kidwai, Founder and Chairman, Michael (Xu) Zhao, Founder and Chief Executive Officer, and David Hytha, Chief Financial Officer, and Board Members Dr. Najamul Kidwai, Michael (Xu) Zhao, David Maloy, Jeffrey Singer, Alvin Eng, Matthew Krna, and Faisal Galaria.
The Company is a blank checking company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The team’s approach is to seek a business combination with major digital assets and a cryptocurrency exchange, payment system, and / or related financial services company, including decentralized wallets, loans, and finance. The Company will not pursue any objective or consummate an initial business combination with any entity that is incorporated, organized or has its main business operations in China, Hong Kong or Macao. The Company has not selected any specific business combination objective.
Each unit sold in the offering consists of one Class A common share and three-quarters of a redeemable warrant, each full warrant entitling its holder to purchase one Class A common share at a price of $ 11.50 per share. Only full warranties are exercisable and will be negotiated. Once the securities that make up the units begin trading separately, the Class A common shares and warrants are expected to trade on the Nasdaq Global Market under the symbols “DAOO” and “DAOOW,” respectively.
B. Riley Securities Inc. acted as sole broker and principal administrator of the offering.
Of the proceeds received from the consummation of the offering and a simultaneous private placement of warrants, $ 231,150,000 was placed in the Company’s trust account.
Offer was made through prospectus only, copies of which may be obtained by contacting B. Riley Securities Inc., Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, or by phone at 703-312-9580, or by email at prospectuses@brileyfin.com.
A registration statement related to these securities was filed with the Securities and Exchange Commission (the “SEC”), then declared effective by the SEC on December 6, 2021. This press release shall not constitute an offer to sell or an offer to sell. request for an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is illegal prior to registration or qualification under the securities laws of such state or jurisdiction.
Forward-looking statements
This press release contains statements that constitute “forward-looking statements”, including with respect to anticipated use of net proceeds. There can be no guarantee that the offer discussed above will be completed on the terms described, or at all, or that the net proceeds from the offer will be used as directed. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the “Risk Factors” section of the Company’s registration statement and the prospectus for the initial public offering of the Company. Company filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.