Item 3.02. Unregistered Sales of Equity Securities.
On November 5, 2021, OPY Acquisition Corp. I closed on the Over-Allotment Option given to the underwriters in the IPO. Simultaneously with the closing of the Over-Allotment Option, the Company consummated the private placement (“Private Placement”) with the Sponsor of 110,000 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant, generating total proceeds of $165,000.
The Private Placement Warrants are identical to the Warrants sold in the IPO except that our Sponsor has agreed not to transfer, assign, or sell any of the Private Placement Warrants or underlying securities (except in limited circumstances, as described in the Registration Statement) until the date that is 30 days after the date we complete our initial business combination. Our Sponsors were granted certain demand and piggyback registration rights in connection with the purchase of the Private Placement Warrants.
Item 8.01. Other Events
As previously disclosed, on October 29, 2021, OPY Acquisition Corp. I (the “Company”) consummated its initial public offering (the “IPO”) of 11,000,000 units (the “Units”), each Unit consisting of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”) and one-half of one redeemable warrant (“Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $110,000,000. Concurrent with the IPO, OPY Acquisition LLC I, the sponsor of the Company, purchased 2,100,667 warrants in a private placement at a per warrant price of $1.50 resulting in gross proceeds of $3,151,000.
In connection with the IPO, the Company granted the underwriters the option to purchase an additional 1,650,000 Units (the “Over Allotment Option”). The underwriters opted to exercise the Over-Allotment Option in full and the sale of the additional Units closed on November 5, 2021 resulting in gross proceeds of $16,500,000. In connection with the closing of the Over-Allotment Option, the sponsor purchased an additional 110,000 Private Placement Warrants at $1.50 for total proceeds from the Private Placement of $165,000.
As of November 5, 2021, a total of $127,765,000 of the net proceeds from the IPO and the Private Placements were deposited in a trust account established for the benefit of the Company’s public stockholders. An unaudited pro forma balance sheet as of October 29, 2021 reflecting receipt of the proceeds upon consummation of the IPO, the private placements and the exercise of the Over-Allotment Option is filed herewith as Exhibit 99.1 hereto.
On November 5, 2021, the Company issued a press release announcing the closing of the Over-Allotment Option. The press release is filed as Exhibit 99.2 hereto.
Item 9.01. Financial Statements and Exhibits.
