Draper Oakwood (DOTA) Announces Vote Results
by Kristi Marvin on 2018-12-19 at 7:31pm

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.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

by Nicholas Alan Clayton on 2024-03-26 at 1:52pm

News and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved