Ault Disruptive Technologies, a blank check company backed by Ault Global targeting disruptive technology, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50.
The company is led by Chairman Todd Ault III, the Executive Chairman of diversified holding company Ault Global (NYSE American: DPW), and CEO and Director William Horne, the CEO of Ault Global. The company plans to target a business or businesses with disruptive technologies that management believes can achieve mainstream adoption and create opportunities for long-term appreciation in value.
Ault Disruptive Technologies plans to list on the NYSE American under the symbol ADRTU. A.G.P. acted as sole bookrunner on the deal.
