Serba Dinamik-sponsored SPAC lists on Nasdaq at US$10 per share

Serba Dinamik-sponsored SPAC lists on Nasdaq at US$10 per share
-A +A

KUALA LUMPUR (May 7): Data Knights Acquisition Corp (DKDC), a special purpose acquisition company (SPAC) sponsored by Serba Dinamik Holdings Bhd's wholly-owned Serba Dinamik Group Bhd (SDGB), will have its shares start trading on the Nasdaq Capital Market today (May 7) under the symbol 'DKDCU', with a public offering price of US$10 per unit.

In a Bursa Malaysia filing, Serba Dinamik said SDGB had previously invested about US$5.85 million (equivalent to about RM24.10 million) into DKDC.

"Pursuant to this sponsorship, SDGB will be in a good position to benefit from the attractive returns in view of its early entry into the company (DKDC), while at the same time create opportunities for the group to expand its business activities into the US market with access to a larger pool of investors," it said.

DKDC is a blank cheque company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation, or similar business combination with one or more businesses.

While the company may pursue an initial business combination target in any business or industry, Serba Dinamik said DKDC plans to leverage its management team's experiences and target the data centres and internet technology sectors, focusing on businesses built on disruptive technologies and business platforms.

"The United Kingdom based-company is planning to raise US$100 million up to US$115 million (in over-allotment option is exercised in full) via this initial public offering exercise," it added.

Shares of Serba Dinamik rose 1 sen or 0.62% today to close at RM1.61, with a market capitalisation of RM6.00 billion.

Tan Choe Choe