Kraken-backed SPAC raises $345M in upsized Nasdaq IPO
The blank-check company has yet to name an acquisition target, but the listing creates a new public vehicle tied to the US-based crypto exchange.
Kraken-backed KRAKacquisition Corp has completed an upsized $345 million initial public offering, listing its special purpose acquisition company units on Nasdaq to pursue future mergers or acquisitions.
According to a Friday announcement, the special purpose acquisition company (SPAC) sold 34.5 million units at $10 each, including the full exercise of the underwriter’s over-allotment option. Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant exercisable at $11.50 per share.
The units began trading on the Nasdaq Global Market under the ticker symbol KRAQU on Wednesday.
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