Xsolla SPAC 1 (NASDAQ: XSLL), a blank check company formed for the purpose of effecting a merger or acquisition, 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 transaction 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 served as the sole book-running manager for the offering. The additional capital strengthens Xsolla SPAC 1's position as it seeks a suitable business combination target, though the company has not yet identified any specific target or engaged in substantive discussions.
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.
The partial exercise of the over-allotment option signals confidence from underwriters and investors in the SPAC's potential to identify and execute a value-creating business combination. This development is significant as it reflects ongoing appetite for SPAC investments, even amid a more cautious market environment. The additional funds provide Xsolla SPAC 1 with greater flexibility to pursue a target that aligns with its strategic objectives.
For more details, the full press release is available at https://ibn.fm/XUYRN. Additional information about the company can be found on its website at http://xsollaspac.com/.
