Carey Olsen's corporate team in the Cayman Islands has advised Global Technology Acquisition Corp. I, a special purpose acquisition company (SPAC), on its initial public offering (IPO) on the Nasdaq Global Market (Nasdaq). It intends to focus on technology companies that operate in the marketplace, financial technology and software-as-a-service verticals within Europe, Latin America and the United States.
Global Technology Acquisition Corp. I announced yesterday the closing of its IPO of 20,000,000 units (upsized from 15,000,000 units), which includes 2,500,000 units issued upon the exercise of the underwriter's over-allotment option, at a public offering price of US$10.00 per unit. The total gross proceeds of the IPO amounts to US$200,000,000.
The SPAC is led by Fabrice Grinda (executive chairman), Arnau Porto (chief executive officer) and Claudia Gast (chief financial officer), who have significant experience in founding, operating and investing in successful technology companies. Fabrice Grinda is the co-founder of FJ Labs and among the world's leading marketplace entrepreneurs and investors with over 150 exits on over 600 angel investments.
Working alongside lead counsel Latham & Watkins LLP, the Carey Olsen team advising Global Technology Acquisition Corp. I on the Cayman legal and regulatory aspects of the SPAC's IPO comprised partner Nick Bullmore and counsel Dylan Wiltermuth.
Dylan said: "It was a pleasure to bring together our extensive capital markets capabilities and experience advising on SPAC listings to assist Global Technology Acquisition Corp. I on this IPO. The deal is also the latest example of the Cayman Islands' continuing appeal as a leading jurisdiction for offshore listings work in New York and elsewhere."
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