Republic, the largest securities crowdfunding platform in the world, has launched a SPAC deal with the advent of Republic Digital Acquisition Company.
According to a company statement, Republic Digital Acquisition aims to target a merger or purchase in the Fintech, software, and/or crypto sector. Republic notes its commitment to institutional-grade digital asset management, focusing on liquidity, transparency, and efficiency in crypto trading. The blank check company has set a 24-month deadline to complete a deal.
The initial public offering is issuing 26,400,000 units for $10.00 per unit, which will trade on the Nasdaq under the ticker symbol RDAGU.
Like many SPACs, each unit includes one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustments.
The company has granted the underwriters a 45-day option to purchase up to an additional 3,960,000 units at the initial public offering price to cover any possible over-allotments.
Joseph Naggar will serve as the Chief Executive Officer, Chief Investment Officer, and Director, and Ian Goodman will be the Chief Financial Officer.
The Board of Directors also includes Andrew Durgee, Barry Finkelstein, Laya Khadjavi, and Robert Matza. Durgee is currently the Managing Director of Republic Crypto.
Naggar was previously a partner at GoldenTree Asset Management, specializing in digital assets. Last year, Republic acquired GoldenChain, the digital asset subsidiary of GoldenTree.
The entire deal was put together by Doug Ellenoff and his team. Ellenoff is the managing partner at Ellenoff, Grossman, and Schole, and is well-known in the Fintech industry, having long been engaged in the innovative finance sector. His law firm is the biggest in the SPAC sector.
The S-1 outlines the current “Republic Ecosystem,” which began as an online capital formation platform and has since expanded to offer a range of additional digital services. The ecosystem includes.
- Advisory Services
- Staking and Infrastructure
- Tokenization
- Capitalization
- Wallet
- Primary Offerings
- Secondary Trading (via INX ATS)
With the transition from the anti-crypto Biden Administration to the pro-crypto Trump administration, prospects for digital asset firms have improved. Durgee was one of the individuals invited to the White House crypto summit and thus has direct insight into the depth of support for the emerging sector.
While the fortunes of online capital formation have varied with the economy, the digital asset sector is positioned for dramatic growth going forward. The conventional wisdom is that tokenization, or digital securities, will soon be the norm. And novel real-world assets will blossom into opportunities with more nuance and greater liquidity, thus appealing to a broad audience of investors. Although a target for Republic Digital Acquisition Co. is not yet known, the fast-paced digital asset ecosystem is expected to generate many opportunities for the blank check company.
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