Software-focused SPAC Dune Acquisition in an 8-K filing today said it closed its IPO of 17.25 million units, including the issuance of 2.25 million units as a result of the underwriters’ exercise of their over-allotment option in full.
At a price of $10 per unit, the IPO generated gross proceeds of $172.5 million.
Dune said it also completed the private sale of an aggregate of 4.85 million warrants to sponsor Dune Acquisition Holdings at a purchase price of $1 each, generating additional gross proceeds of $4.85 million.
A total of $172.5 million, consisting of $169.05 million of the IPO proceeds and $3.45 million from the private placement sale was placed in trust.
The SPAC said it intends to target SaaS companies. Read more.
