Kraken-Linked SPAC Closes Upsized $345 Million IPO, Begins Trading as KRAQU

Overview

• The offering closed at 34.5 million units priced at $10 each after the underwriter fully exercised its 4.5 million-unit over-allotment option, raising $345 million in gross proceeds.
• The units began trading on the Nasdaq Global Market on January 28 under the ticker KRAQU, with Class A shares and warrants expected to later trade separately as KRAQ and KRAQW.
• Each unit comprises one Class A ordinary share and one-fourth of a redeemable warrant, with each full warrant exercisable at $11.50 per share.
• Santander US Capital Markets served as sole underwriter, and the Form S-1 registration statement became effective on January 27.
• The company says it has not selected a business-combination target or engaged in substantive discussions, with coverage noting the upsizing followed strong investor interest.