Xsolla SPAC 1 (NASDAQ: XSLL), a blank check company formed for the purpose of effecting a merger or business combination, announced that the underwriters of its initial public offering partially exercised their over-allotment option to purchase an additional 419,385 units at $10.00 per unit. This generated approximately $4.2 million in additional gross proceeds, increasing the total units sold to 20,419,385 for aggregate gross proceeds of $204,193,850. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
The transaction underscores continued investor interest in SPACs as vehicles for taking private companies public. Xsolla SPAC 1, which has not yet identified a target, is led by a management team including Aleksandr Agapitov as Chairman, Dmitry Burkovskiy as CEO, Rytis Joseph Jan as CFO, and Carla Bedrosian as Chief Legal Officer. The board also includes Xuan Li, Maxwell Gover, Wenfeng Yang, Perry Michael Fischer, and Eugenie Levin.
D. Boral Capital LLC served as the sole book-running manager for the offering. For more details, the full press release is available at https://ibn.fm/XUYRN.
Xsolla SPAC 1 is a newly incorporated Cayman Islands exempted company formed to pursue a business combination with one or more businesses. The company has not selected any specific target and has not engaged in substantive discussions with any potential target. Additional information about the company can be found on its website at http://xsollaspac.com/.
The partial exercise of the over-allotment option indicates strong demand for the offering, providing the SPAC with additional capital to pursue a promising target. SPACs have become a popular alternative to traditional IPOs, offering a faster path to public listing for private companies.
