The special purpose acquisition company, or SPAC, began trading on March 24. The company, which filed confidentially on Jan. 19, also completed a private sale to investors that generated proceeds of $7 million.
A SPAC is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process.
Disruptive Acquisition I has not yet identified an acquisition target. It intends to focus on businesses in the health and wellness, entertainment and consumer-facing technology sectors.
The company is led by Chief Executive Alexander Davis, the founder and CEO of Disruptive and a former founding managing director at Ten-X, an Irvine-based transaction platform for commercial real estate.
He is joined by Chief Financial Officer Phillip Caputo, who currently serves as CFO of Disruptive.
Notable athletes on the company's special advisory council include Kansas City Chiefs quarterback Patrick Mahomes, Houston Astros pitcher Justin Verlander, tennis player Naomi Osaka, boxer Canelo Alvarez and Bayern Munich soccer player Robert Lewandowski.
Disruptive Acquisition I listed on the Nasdaq under the symbol DISAU, which closed April 1 at $9.93 a share, up 5 cents.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- As SPAC Frenzy Grows, LA’s Private Equity Firms Scramble to Keep Up
- Fifth Wall SPAC Seeks $250 Million
- Fifth Wall SPAC Merges With SmartRent in $2.2 Billion Deal
- B. Riley SPAC Reduces Deal Size by 40%
- Blank-Check Firms Ride Market
- Diamond Eagle IPO lists at $10
- Fifth Wall Raises $345 Million SPAC
- Science Inc. Sets $310 Million SPAC