Draper Oakwood Technology Acquisition (DOTA) is a Special Purpose Acquisition Company (SPAC) that went public for the purpose of merging with a private company, which will benefit from our investment and strategic support, to create substantial value over time.
DOTA has raised $57.5 million in capital and has the ability to raise additional capital through the issuance of equity and debt securities. This capital will be used as part of the merger consideration and as growth capital.
We believe that the experience and capabilities of our combined team will make us an attractive partner to prospective target businesses, enhance our ability to complete a successful business combination and bring value to the business post-business combination.
We intend to focus our efforts on seeking and completing an initial business combination with a company that has an enterprise value above $200 million, although a target entity with a smaller or larger enterprise value may be considered. While we may pursue an acquisition opportunity in any business industry or sector we choose, we intend to capitalize on the ability of our combined team to identify and acquire a business in the technology sector in the United States (which may include a business based in the United States which has operations or opportunities outside of the United States), that is backed by institutional venture capitalists.