Kraken-Related SPAC Completes $345 Million IPO, Lists on NASDAQ

A special purpose acquisition company (SPAC) backed by cryptocurrency exchange Kraken's affiliate, KRAKacquisition Corp, announced on the 30th that it has completed its initial public offering (IPO) raising $345 million (approximately 53.3 billion yen) and has started trading on NASDAQ.

The listing was an expansion from the initial plan of $250 million.

The company sold 34.5 million shares at $10 per share, and with the full exercise of the additional allotment option by the underwriters, an extra 4.5 million shares were added. The total amount raised before deducting fees reached $345 million. Trading of the shares began on January 28 on the NASDAQ Global Market.