DP Cap Acquisition in an amended proxy filing said it will now deposit the lesser of 3.3 cents per share or $50,000 into trust for each month under an extension prosopal that would, if approved, give the SPAC until Nov. 12 to complete a deal. A shareholders meeting to consider the extension is set for Feb. 8.
DP Cap raised $200 million in a December 2021 IPO, although redemptions since them have eaten away at the SPAC’s cash in trust, which was down to about $44 million as of Dec. 31.
The SPAC’s acquisition focus interest is on the tech-enabled consumer and technology sectors, with a specific focus on e-commerce and marketplaces and enterprise software. Read more.
