DILA Capital Acquisition raised $ 55 million with its Special Purpose Acquisition Company (SPAC), an instrument that allows raising money through the IPO and then acquiring companies in operation.
The company issued five million 500,000 units (which act as shares) at $ 10 each. Each unit consists of a common share and a guarantee that authorizes the holder to buy one share at a price of $ 11.50 per share.
The firm, which trades under the ticker DILAU on the Nasdaq, may seek to carry out a merger, acquisition of shares or assets of another company, or recapitalize a company in any sector or geography. However, the company “intends to focus its search on companies with a significant technological component that are based in Latin America, as well as businesses located in the United States that serve the Hispanic community,” the firm said in a statement.
Eduardo Clave is the CEO and president of the company, while Alejandro Diez Barroso is COO and co-founded DILA Capital in 2013 and serves as one of its managing partners. EarlyBirdCapital is the leading underwriter for the offering.
The SPACs are financed by going public, but they do not have operations and their objective is to merge with real companies. As this happens, the real company goes public, skipping the traditional process of an Initial Public Offering (IPO).
SPACs have become popular in recent months, especially in the US stock market to make different companies public. The latter include WeWork, the investment platform e-Toro and the sports betting operator DraftKings.
