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NEW YORK - Insight Digital Partners II (NASDAQ:DYORU) completed its initial public offering, raising $172.5 million by selling 17.25 million units at $10 each, the company announced Thursday. The stock is currently trading at $10.15, showing a modest 1.5% premium to its IPO price, according to InvestingPro data.
The offering included 2.25 million units issued through the underwriters’ full exercise of their over-allotment option. Each unit consists of one Class A ordinary share and half of one redeemable warrant, with whole warrants exercisable at $11.50 per share.
The units began trading on the Nasdaq Global Market under the ticker "DYORU" on Wednesday. Once the securities trade separately, the Class A ordinary shares and warrants will list under "DYOR" and "DYORW," respectively.
Concurrent with the IPO, the company closed a private placement of 5.45 million warrants at $1 each, generating additional proceeds of $5.45 million. The company’s sponsor, Insight Digital Partners Sponsor LLC, purchased 3.73 million of these warrants, while Cohen & Company Capital Markets acquired 1.73 million.
The proceeds from both transactions resulted in $172.5 million being placed in trust.
Insight Digital Partners II is a special purpose acquisition company (SPAC) formed to complete a business combination. According to the press release, the company plans to target opportunities in "high-growth, high-impact sectors that form the backbone of the digital economy," including infrastructure for stablecoins, digital payments, and high-performance computing.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, served as the sole book-running manager for the offering.
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