Draper Oakwood Technology Acquisition, Inc. Completes $50,000,000 Initial Public Offering – Press Release

NEW YORK–(Business Wire)–Draper Oakwood Technology Acquisition, Inc. (Nasdaq: DOTAU) (“Draper
Oakwood” or the “Company”), a company formed for the purpose of entering
into a merger, share exchange, asset acquisition or other similar
business combination with one or more businesses or entities, today
announced the closing of its initial public offering of 5,000,000 units
at a price to the public of $10.00 per unit, with the offering raising
gross proceeds of $50,000,000. The units commenced trading on Friday,
September 15, 2017, on The NASDAQ Capital Market (“Nasdaq”) under the
symbol “DOTAU.” Each unit issued in the initial public offering consists
of one share of Class A common stock, one-half of one warrant, each
whole warrant to purchase one share of Class A common stock at a price
of $11.50 per share, and one right to receive one-tenth of a share of
Class A common stock on the consummation of an initial business
combination. Once the securities comprising the units begin separate
trading, the Class A common stock, warrants and rights are expected to
be traded on Nasdaq under the symbols “DOTA,” “DOTAW” and “DOTAR,”
respectively.

EarlyBirdCapital, Inc. acted as sole book-running manager and I-Bankers
Securities, Inc. and Ladenburg Thalmann & Co. Inc. acted as co-managers
of the offering. Draper Oakwood has granted the underwriters a 45-day
option to purchase up to 750,000 additional units to cover
over-allotments, if any.

Of the proceeds received from the consummation of the initial public
offering and a simultaneous private placement of units, $50,000,000 (or
$10.00 per unit sold in the public offering) was placed in trust. An
audited balance sheet of the Company as of September 19, 2017 reflecting
receipt of the proceeds upon consummation of the initial public offering
and the private placement will be included as an exhibit to a Current
Report on Form 8-K to be filed by the Company with the Securities and
Exchange Commission.

Ellenoff Grossman & Schole LLP acted as counsel to the Company and
Graubard Miller acted as counsel to the underwriters.

A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on September 14,
2017. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

This offering was made only by means of a prospectus. Copies of the
prospectus relating to this offering may be obtained by contacting
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New
York, New York 10017. Copies of the registration statement can be
accessed through the SEC’s website at www.sec.gov.

About Draper Oakwood

Draper Oakwood Technology Acquisition, Inc. is a blank check company
formed for the purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities.
The Company’s efforts to identify a prospective target business will not
be limited to a particular industry or geographic region, although the
Company intends to focus its search on businesses in the technology
industry in North America.

Draper Oakwood is led by Executive Chairman Rod Perry and Chief
Executive Officer Aamer Sarfraz. Tim Draper is serving as senior advisor
to the Company.

Forward Looking Statements

This press release contains statements that constitute “forward-looking
statements,” including with respect to the initial public offering and
the anticipated use of the net proceeds thereof. No assurance can be
given that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many of
which are beyond the control of the Company, including those set forth
in the Risk Factors section of the Company’s registration statement and
prospectus for the Company’s offering filed with the SEC. Copies are
available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as required
by law.

Draper Oakwood Technology Acquisition, Inc.
Carla Cox, 713-213-7061
carla@draperoakwood.com

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