Draper Oakwood Technology Acquisition, Inc. To Extend Period to Consummate Acquisition
September 13 2018 - 5:00PM
Business Wire
Draper Oakwood Technology Acquisition, Inc. (the "Company" or
"Draper Oakwood") (NASDAQ: “DOTA,” “DOTAU,” “DOTAR” and “DOTAW”)
today announced that the Company’s sponsor (the “Sponsor”) has
notified the Company of its intention to deposit into the Company’s
trust account (the “Trust Account”) $575,000, representing $0.10
per public share, by September 19, 2018, in order to extend the
period of time the Company has to consummate a business combination
by three months to December 19, 2018. The Company intends to
announce by September 20, 2018 whether such funds have been
deposited into the Trust Account.
The Sponsor will have the option, but no obligation, to extend
such term one additional time by an additional three months, to
March 19, 2019, by depositing an additional $575,000 into the
Company’s trust account, representing $0.10 per public share, in
connection with such additional extension.
About Draper Oakwood
Draper Oakwood is a special purpose acquisition company formed
for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization, or similar
business combination. On September 4, 2018, Draper Oakwood
announced it had entered into a definitive agreement to combine
with Reebonz Limited, an online marketplace and platform for buying
and selling new and preowned luxury products in the Asia Pacific
region. For further information about such transaction, please
refer to Draper Oakwood’s SEC filings.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including the funding of the Trust
Account to extend the period of time for the Company to consummate
an initial business combination. 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 annual report on Form 10-K filed
with the Securities and Exchange Commission (“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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180913006042/en/
Draper Oakwood Technology Acquisition, Inc.Aamer A. Sarfraz,
713-213-7061aamer@draperoakwood.com
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