Conyers has advised Real Asset Acquisition Corp. (RAAQ) and Digital Asset Acquisition Corp. (DAAQ), two special purpose acquisition companies with common sponsor teams, on their combined US$345 million initial public offerings on the Nasdaq Global Market (Nasdaq).
RAAQ and DAAQ are newly organised blank cheque companies formed in the Cayman Islands. RAAQ will focus its search for a business combination partner on quantum computing, metals, mining, rare earths, and infrastructure sectors and DAAQ will focus its search for a business combination partner on the digital asset and cryptocurrency sectors.
Each IPO is comprised of an offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a public offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “RAAQ” and “RAAQW,” and “DAAQ” and DAAQW” respectively.
The Conyers team was led by Partner Alex Davies, Counsel Matthew Harkness, Senior Associate Mauricio Da Rocha and Associate Daniel Cannon, working alongside Perkins Coie LLP as lead legal counsel.