OTR Acquisition Corp. Announces Closing of $104.5 Million Initial Public Offering, Including Partial Exercise of the Overallotment Option

MIAMI--(BUSINESS WIRE)--OTR Acquisition Corp. (Nasdaq: OTRAU) (“OTR Acquisition Corp.” or the “Company”) today announced the closing of its previously announced initial public offering of 10,000,000 units at a price of $10.00 per unit. The Company’s units commenced trading on Tuesday, November 17, 2020 on the Nasdaq Capital Market (“Nasdaq”) under the symbol “OTRAU.” Each unit consisted of one share of Class A common stock and one half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols “OTRA” and “OTRAW,” respectively. No fraction warrants will be issued upon separation of the units and only whole warrants will trade. The Company granted the underwriters a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price to cover over-allotments, which the underwriters partially exercised for an additional 447,350 units, leaving 1,052,650 units still available under the option.