NEW YORK--(BUSINESS WIRE)--Draper Oakwood Technology Acquisition, Inc. (Nasdaq: DOTAU), a company formed for the purpose of entering into a merger, share exchange, asset acquisition or other similar business combination with one or more businesses or entities, today announced the closing of its initial public offering of 5,000,000 units at a price to the public of $10.00 per unit, with the offering raising gross proceeds of $50,000,000. The units commenced trading on Friday, September 15, 2017, on The NASDAQ Capital Market  under the symbol "DOTAU." Each unit issued in the initial public offering consists of one share of Class A common stock, one-half of one warrant, each whole warrant to purchase one share of Class A common stock at a price of $11.50 per share, and one right to receive one-tenth of a share of Class A common stock on the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the Class A common stock, warrants and rights are expected to be traded on Nasdaq under the symbols "DOTA," "DOTAW" and "DOTAR," respectively.

EarlyBirdCapital, Inc. acted as sole book-running manager and I-Bankers Securities, Inc. and Ladenburg Thalmann & Co. Inc. acted as co-managers of the offering. Draper Oakwood has granted the underwriters a 45-day option to purchase up to 750,000 additional units to cover over-allotments, if any.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $50,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of September 19, 2017 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

Ellenoff Grossman & Schole LLP acted as counsel to the Company and Graubard Miller acted as counsel to the underwriters.

About Draper Oakwood

Draper Oakwood Technology Acquisition, Inc. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus its search on businesses in the technology industry in North America.

Draper Oakwood is led by Executive Chairman Rod Perry and Chief Executive Officer Aamer Sarfraz. Tim Draper is serving as senior advisor to the Company.