Saturday, July 13, 2024

Serba Dinamik to list on Nasdaq via Data Knights

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KUALA LUMPUR (Bernama) — Serba Dinamik Group Bhd (SDGB) will price an initial public offering (IPO) of 10 million shares on the Nasdaq Capital Market by sponsoring Data Knights Acquisition Corp.

Data Knights is a special purpose acquisition 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.

In a filing with Bursa Malaysia today, Serba Dinamik Holdings Bhd (SDHB) said the shares will be traded under the symbol ‘DKDCU’ at a public offering price of US$10 per unit (US$1=RM4.11) on the New York exchange today.

It said the total investment made by SDGB in Data Knights was approximately US$5.85 million.

“Each unit consists of one share of Data Knights’ Class A common stock and one redeemable warrant, which allows the holder to consequently purchase one share of Class A common stock at US$11.50 per share.

“Only whole warrants are exercisable and will trade,” it said.

According to SDHB, once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants were expected to be listed on Nasdaq under the symbols ‘DKDCA’ and ‘DKDCW’, respectively.

Data Knights, a United Kingdom-based company, plans to raise up to US$115 million via the IPO exercise.

Pursuant to the sponsorship, SDHB said it would be in a good position to benefit from the attractive returns in view of its early entry into the company.

It added that the sponsorship is expected to create opportunities for the group to expand its business activities into the US market with access to a larger pool of investors.

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