Macondray Capital Acquisition Corp. I announces the price of a $ 250 million initial public offering


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MENLO PARK, Calif .– (COMMERCIAL THREAD) – Macondray Capital Acquisition Corp. I (the “Company”) today announced the price of its initial public offering of 25,000,000 Units at $ 10.00 per Unit. The Units will be listed on the Nasdaq Capital Market (“Nasdaq”) in the United States and trade under the ticker symbol “DRAYU” from July 1, 2021.

Each unit offered for sale consists of one of the Company’s Class A common shares and one-third of a redeemable warrant. Each whole warrant entitles its holder to purchase one Class A common share at a price of $ 11.50 per share. Once the securities comprising the Units begin to trade separately, the Class A Common Shares and Warrants are expected to be listed on Nasdaq under the symbols “DRAY” and “DRAYW”, respectively. The offer is scheduled to close on July 6, 2021, subject to customary closing conditions.

B. Riley Securities, Inc. is the sole accounting manager of the Offering. The Company has granted the underwriters a 45-day option to purchase up to 3,750,000 additional units at the initial public offering price to cover over-allotments, if any.

The offer is made only by means of a prospectus. Copies of the prospectus can be obtained from B. Riley Securities, Inc. at 1300 North 17th Street, Suite 1300, Arlington, VA 22209 or by calling (703) 312‐9580 or by sending an e-mail to prospectus @ brileyfin .com.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (“SEC”) on June 30, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy. securities issued by the Company, and there will be no sale of such securities in any state or jurisdiction in which such offering, solicitation or sale would be illegal prior to registration or qualification under securities laws of that state or jurisdiction.

This press release contains statements that constitute “forward-looking statements”, including with respect to the proposed initial public offering and the intended use of the net proceeds thereof. No guarantee can be given that the offer discussed above will be carried out under the conditions described, or not at all, or that the net proceeds of the offer will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set out in the Risk Factors section of the Company’s registration statement and of the Company’s preliminary offering prospectus filed. with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.

About Macondray Capital Acquisition Corp. I

Macondray Capital Acquisition Corp. I is a special purpose acquisition company and was incorporated for the purpose of effecting a merger, merger, share exchange, reorganization or any other similar transaction with one or more companies. The Company has not selected any specific business combination targets, but intends to focus its research on companies with an aggregate enterprise value of approximately $ 1.5 billion and above in the sectors of software, data and technology, media and telecommunications.

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