Yotta Acquisition Corporation Announces Closing of $100 Million Initial Public Offering
April 22 2022 - 4:00PM
Yotta Acquisition Corporation (“YOTA”) announced today the closing
of its initial public offering of 10,000,000 units. The units were
sold at a price of $10.00 per unit, resulting in total gross
proceeds of $100,000,000, prior to deducting underwriting discounts
and commissions and other offering expenses. Each unit consists of
one share of common stock, one redeemable warrant to purchase one
share of common stock at a price of $11.50 per share and one right
to receive one-tenth (1/10) of one share of common stock upon the
consummation of an initial business combination.
The units began trading on The Nasdaq Global
Market (“Nasdaq”) under the ticker symbol “YOTAU” on April 20,
2022. After the securities comprising the units begin separate
trading, the shares of common stock, warrants and rights are
expected to be listed on Nasdaq under the symbols “YOTA,” “YOTAW”
and “YOTAR,” respectively.
Chardan acted as sole book-running manager of
the offering. YOTA has granted the underwriters a 45-day option to
purchase up to an additional 1,500,000 units at the initial public
offering price to cover over-allotments, if any.
A registration statement relating to these
securities was declared effective by the U.S. Securities and
Exchange Commission (the “SEC”) on April 19, 2022.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The offering was made only by means of a
prospectus, copies of which may be obtained by contacting Chardan,
17 State Street, 21st Floor, New York, New York 10004, or by
calling (646) 465-9001. Copies of the registration statement can be
accessed through the SEC’s website at www.sec.gov.
About Yotta Acquisition
Corporation
YOTA is led by founder Hui Chen (CEO). YOTA is a
blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or similar business combination
with one or more businesses. Although there is no restriction or
limitation on what industry or geographic region its target
operates in, YOTA intends to focus on the high technology,
blockchain, software and hardware, ecommerce, social media and
other general business industries globally. The proceeds of the
offering will be used to fund such business combination.
Cautionary Note Concerning
Forward-Looking Statements
This press release includes forward-looking
statements that involve risks and uncertainties. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements, including with respect to the initial
public offering, the anticipated use of the proceeds thereof, and
the Company’s search for an initial business combination, are
subject to risks and uncertainties, which could cause actual
results to differ from the forward-looking statements. YOTA
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in YOTA’s expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
Yotta Acquisition Corporation Contact:
Hui ChenChief Executive OfficerYotta Acquisition
Corporationhchen@yottaac.com
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