KRAKacquisition Corp has set the terms for its initial public offering, announcing the sale of 30 million units at $10 per unit for total gross proceeds of $300 million. The sponsor of the blank-check company is an affiliate of Kraken, and the securities are scheduled to begin trading on Nasdaq under the combined ticker symbol "KRAQU" on January 28, 2026.
Each unit issued in the offering comprises one Class A ordinary share and one-fourth of one redeemable warrant. The warrants embedded in the units confer the right to acquire one Class A ordinary share at an exercise price of $11.50 per share. The company has stated its expectation that, when separate trading of the components begins, the Class A ordinary shares and the warrants will trade independently on Nasdaq under the symbols "KRAQ" and "KRAQW," respectively.
The underwritten offering is projected to close on January 29, 2026, pending satisfaction of customary closing conditions. Santander is serving as the sole book-running manager for the deal. In connection with its role, the underwriters have been granted a 45-day option to purchase up to 4.5 million additional units to cover potential over-allotments.
KRAKacquisition Corp is organized as a special purpose acquisition company formed to pursue a business combination through a merger, share exchange, asset acquisition or other similar transaction with one or more operating businesses. The company has disclosed that it has not selected any specific business combination target and has not engaged in substantive discussions with prospective targets.
Regulatory clearance for the offering advanced when the Securities and Exchange Commission declared the registration statement for the securities effective on January 27, 2026. Following that declaration, the company moved forward with pricing the IPO and preparing for the commencement of trading and the anticipated closing.
Given the structure of the units and the timeline set by the company, investors will have the opportunity to trade a bundled security initially and, at a later point, trade the underlying Class A shares and warrants separately if and when separate listings commence.