The securities of the SPAC were certified on Friday, and registration was approved on the same day. In fact, Nasdaq has them on their calendar to trade today but perhaps tomorrow or later this week.
Crypto 1 Acquisition Corp., incorporated in the Caymans, has been created to:
“… pursue an initial business combination opportunity in any business, industry, sector or geographic region, we intend to focus on the acquisition of a significant digital assets and cryptocurrency exchange, payment system and/or related financial services company, including wallets, lending and decentralized finance (“DeFi”). A significant number of cryptocurrency exchanges are located in Asia (such as Korea, Japan, Singapore and the Philippines), Europe, North America and Latin America. We will not pursue targets that are incorporated, organized or have their principal business operations in China or Hong Kong.”
The SPAC was co-founded by Chairman and Director, Dr. Najamul Kidwai, and Chief Executive Officer and Director, Michael (Xu) Zhao, who is said to have “significant experience in cryptocurrency assets trading and investment, including starting a cryptocurrency exchange.” The crypto exchange in question is International Digital Currency Markets – a trading platform incorporated in Seychelles.
Shares in the SPAC, trading under the symbol “DAOOU” are expected to list at $10 for a total gross amount of $230 million. Like most all SPACs, Crypto 1 will have 12 months to close a deal.
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