Digital World Acquisition in an amended S-1 filing nows plans to triple its IPO to 30 million units priced at $10 each — up from the 10 million units initially registered with the SEC in May.
Most of the original deal terms remain intact, however, the SPAC removed rights from the offering.
A unit will now consist of one share of stock and one-half of one redeemable warrant. Each whole warrant is exercisable for a share at $11.50.
Digital World intends to focus on middle market and emerging growth technology-focused companies in the Americas, in SaaS and technology or fintech and financial services.
The SPAC is led by Chairman and CEO Patrick Orlando, who is also CEO of SPAC Yunhong International, as well as Benessere Capital Acquisition and Maquia Capital Acquisition. He is the CEO of Benessere Capital, an investment consulting and investment banking firm he founded in Miami in October 2012.
The SPAC has applied for a Nasdaq listing under DWACU.
EF Hutton is now sole book-running manager (it was originally set to be Kingwood Capital Markets). The underwriters have a 45-day option to purchase up to an additional 4.5 million units (up from the initial 1.5 million units) to cover any over-allotments. Read more.