Serba Dinamik’s sponsored SPAC lists on Nasdaq Capital Market at US$10 per share
SHAH ALAM: Dark Knights Acquisition Corp (Dark Knights) a special purpose acquisition company (SPAC) sponsored by Serba Dinamik Holding Bhd’s (Serba Dinamik) wholly-owned subsidiary Serba Dinamik Group Bhd (SDGB) has announced the pricing of its initial public offering (IPO) of 10 million shares – of its common stock – at a public offering price of US$10 per unit on the Nasdaq Capital Market.
The stock started trading on May 7, under the symbol ‘DKDCU’.
In a press statement, it explained that the total investment made by SDGB in the SPAC is approximately US$5.85 million (equivalent to approximately RM24.1 million based on the exchange rate of RM4.12 per dollar, as at 5pm on May 6, 2021, as published by Bank Negara Malaysia).
Each unit consists of one share of the company’s Class A common stock and one redeemable warrant, which entitles the holder to consequently purchase one share of Class A common stock at the price of US$11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols ‘DKDCA’ and “DKDCW” respectively.
The company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation, or similar business combination with one or more businesses.
The company plans to leverage its management team’s experiences and target the data centers and internet technology sectors, focusing on businesses built on disruptive technologies and business platforms. The UK-based company is planning to raise US$100 million up to US$115 million (in over-allotment option is exercised in full) via this initial public offering exercise.
The company is led by chief executive officer and chairman Barry Anderson, who is also the chief executive officer of Present D’Lloyd Technologies, and chief financial officer Firdauz Mokhtar, who serves as a senior vice president of Special Project at SDGB.
Pursuant to this sponsorship, it said, Serba Dinamik is expected to be in a good position to benefit from the attractive returns in view of its early entry into the company while at the same time create opportunities for the group to expand its business activities into the US market with access to larger pool of investors.