Xsolla SPAC 1 (NASDAQ: XSLL), a blank check company formed for the purpose of effecting a merger or 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 number of units sold in the offering to 20,419,385. The aggregate gross proceeds from the offering now stand at $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 partial exercise of the over-allotment option signals strong investor demand for Xsolla SPAC 1’s units, despite the company not yet having identified a specific business combination target. As a newly incorporated special purpose acquisition company, Xsolla SPAC 1 was formed to pursue a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. The company has not engaged in any substantive discussions with any potential target. The management team includes Chairman Aleksandr Agapitov, CEO Dmitry Burkovskiy, CFO Rytis Joseph Jan, and Chief Legal Officer Carla Bedrosian, along with other board members such as Xuan Li, Maxwell Gover, Wenfeng Yang, Perry Michael Fischer, and Eugenie Levin.
The additional capital from the over-allotment provides Xsolla SPAC 1 with more resources to identify and execute a business combination. SPACs typically have a limited timeframe to complete a merger, and the increased funds could enhance the company's ability to negotiate a deal. The offering was conducted under standard terms, with each warrant entitling the holder to purchase one Class A ordinary share at a predetermined price. For more information on the offering, the full press release is available at https://ibn.fm/XUYRN. Additional details about the company can be found on its website at http://xsollaspac.com/.
