NEW YORK--(BUSINESS WIRE)--Sep. 13, 2018--
Draper Oakwood Technology Acquisition, Inc. (the "Company" or "Draper
Oakwood") (NASDAQ: “DOTA,” “DOTAU,” “DOTAR” and “DOTAW”) today announced
that the Company’s sponsor (the “Sponsor”) has notified the Company of
its intention to deposit into the Company’s trust account (the “Trust
Account”) $575,000, representing $0.10 per public share, by September
19, 2018, in order to extend the period of time the Company has to
consummate a business combination by three months to December 19, 2018.
The Company intends to announce by September 20, 2018 whether such funds
have been deposited into the Trust Account.
The Sponsor will have the option, but no obligation, to extend such term
one additional time by an additional three months, to March 19, 2019, by
depositing an additional $575,000 into the Company’s trust account,
representing $0.10 per public share, in connection with such additional
About Draper Oakwood
Draper Oakwood is a special purpose acquisition company formed for the
purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization, or similar business
combination. On September 4, 2018, Draper Oakwood announced it had
entered into a definitive agreement to combine with Reebonz Limited, an
online marketplace and platform for buying and selling new and preowned
luxury products in the Asia Pacific region. For further information
about such transaction, please refer to Draper Oakwood’s SEC filings.
This press release contains statements that constitute “forward-looking
statements,” including the funding of the Trust Account to extend the
period of time for the Company to consummate an initial business
combination. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the Company’s
annual report on Form 10-K filed with the Securities and Exchange
Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as required
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Source: Draper Oakwood Technology Acquisition, Inc.
Draper Oakwood Technology Acquisition, Inc.
Aamer A. Sarfraz,