DP Cap Acquisition I in an 8-K filing said its sponsor converted 5,749,997 Class B shares into Class A shares a day after stockholders approved a deadline extension until Nov. 12. The convered shares do not have redemption rights.
The filing shows 2,559,402 shares were redeemed ahead of the extension vote for nearly $28 million. The SPAC’s trust was down to about $44 million as of Dec. 31, so the latest round of redemptions would have left it with about $16 million.
Following the sponsor’s share conversion, the SPAC now has 7,249,997 shares outstanding, of which 1.5 million shares will have redemption rights.
DP Cap raised $200 million in a December 2021 IPO.
The SPAC has been targeting the tech-enabled consumer and technology sectors, with a specific focus on e-commerce and marketplaces and enterprise software. Read more.
