Draper Oakwood Technology Acquisition, a blank check company formed by Draper Oakwood to acquire a venture-backed tech company, filed for an initial public offering on Friday.
The San Mateo, CA-based company plans to raise $50 million by offering 5 million units at a price of $10. At that price, it would command a market value of $66 million. Each unit consists of one share of common stock, one warrant exercisable at $11.50 and one right entitling the holder to one-tenth of one share.
The company highlights the drawbacks of going public in explaining the decline in tech IPOs, similar to Social Capital Hedosophia Holdings (IPOA.U), another tech-focused SPAC that filed earlier this week to raise $500 million.
Draper Oakwood Technology Acquisition was founded in 2017 and plans to list on the Nasdaq under the symbol DOTAU. EarlyBirdCapital is the sole bookrunner on the deal. No timing on pricing was disclosed.
