Ault Disruptive Technologies Corporation announces closing of $115m IPO
By Edlyn Cardoza
Ault Disruptive Technologies Corporation, a newly organized blank-check special purpose acquisition company, formed as a Delaware corporation, recently announced that it closed its initial public offering of 11,500,000 units at an offering price of $10.00 per unit. This includes the exercise in full by the underwriters of their over-allotment option to purchase up to 1,500,000 units. Each unit consists of one share of common stock and three-fourths of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one share of common stock at $11.50 per share.
The units are listed on the NYSE American and began trading under the symbol “ADRTU” on December 16, 2021. Once the units’ securities begin separate trading, the common stock and the warrants are expected to be traded on the NYSE American under the symbols “ADRT” and “ADRTW,” respectively.
Ault Disruptive Technologies Corporation is a blank-check company sponsored by Ault Disruptive Technologies Company, LLC, a Delaware limited liability company, and a wholly-owned subsidiary of BitNile Holdings, Inc. (formerly Ault Global Holdings, Inc.) (NYSE American: NILE), whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The Company intends to focus on opportunities to acquire companies with innovative, emerging, and disruptive technologies, products or services that have the potential to transform major industries and that have an aggregate enterprise value of approximately $200 million to $500 million and would benefit from access to public markets and the operational and strategic expertise of the Company’s management team and board of directors.
A.G.P./Alliance Global Partners is the sole book-running manager, and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager for the offering.
Recently, IBS Intelligence reported that BitNile Holdings, Inc, a diversified holding company, announced that it has completed the Company’s previously announced corporate name change from “Ault Global Holdings, Inc.”
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August 17, 2022