DD3 Acquisition II, the second blank check company formed by DD3 Capital Partners, raised $110 million by offering 11 million units at $10. The company offered 1 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Baron Capital Group and MG Capital had indicated on $20 million worth of units in the offering and had also entered into a $50 million forward purchase agreement with the SPAC.
The company is led by CEO and Chairman Martin Werner, who co-founded financial advisory firm DD3 Capital Partners and currently serves as a Partner. While the company has not selected a target industry, it plans to focus on businesses that are fundamentally sound, innovative with strong free cash flow, and could benefit from a hands-on partner with financial experience, among other characteristics.
DD3 Capital Partners' previous SPAC, DD3 Acquisition, went public in October 2018 and completed its acquisition of Betterware de Mexico (BWMX; +195% from $10 offer price) this past March.
DD3 Acquisition II plans to list on the Nasdaq under the symbol DDMXU. EarlyBirdCapital acted as a lead manager on the deal.
