Advising OTG Acquisition Corp. I on its US$230m NASDAQ IPO

Our Cayman Islands corporate team acted for OTG Acquisition Corp. I, a special purpose acquisition company (SPAC), on its US$230m initial public offering on NASDAQ under the ticker OTGAU. The offering consisted of 23m units priced at US$10 per unit.

Alongside the IPO, the company closed a private placement of 775,000 units at US$10 each, raising an additional $7.75m. 

The company was formed by Wes Cummins, Steven Siesser and Scott Troeller, and is being led by Scott Troeller, as its chief executive officer and Joseph Dunfee, as its chief financial officer. The management team will be supported by its strategic institutional advisor, Expedition Infrastructure Partners, LLC (XIP), who will work closely with its strategic partners and OTG board of directors to target companies in the digital infrastructure services sector.

Lowenstein Sandler LLP acted as U.S. counsel, with B. Riley Securities as lead book-running manager and Northland Capital Markets and Lake Street Capital Markets as joint bookrunners.

Our team was led by Cayman corporate partner Jason Allison and associate Samantha Currie.