Draper Oakwood Technology Acquisition, Inc., announced this evening that shareholders approved their business combination with Reebonz Limited. No details on vote counts or redemption values/amounts were provided, however, Reebonz has applied for listing of its ordinary shares and warrants on the NASDAQ Stock Market under the ticker “RBZ”.
However, will Reebonz even be qualified to list on the Nasdaq? Well, that will depend on a lot of things, such as the share price, market cap, and number of shareholders. However, the easiest to address will be the number of shareholders and share price. First off, regarding shareholders and given what we already know, there should have been a ton of redemptions or DOTA wouldn’t have needed to arrange for two last minute backstops. So, liquidity is going to look meager. As for share price, DOTA closed today at $5.13 and that shouldn’t be the last of the selling pressure. Especially once the shares underlying the Rights hit shareholder accounts post-closing (They’ll be moving into I-AM’s neighborhood).
Frankly, just based on the number or shareholders left post-combination, Reebonz should miss qualifications for a Nasdaq listing, but I’m not sure that even matters to investors if everyone already redeemed.
Regardless, we get to take another SPAC off the board, but wow, this was messy. We’ll look for the finer details and report back when further details become available.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...