Prague, 31 July 2023 – Shareholders of WOOD SPAC One a.s. (WSO) with the required number of shares have been allocated the second tranche of Warrants, in accordance with the Prospectus. The first tranche of Warrants was received by investors in May 2022. Furthermore, the completion of the Business Combination has fulfilled the condition for the conversion of the first one-third of the Sponsor Shares.
Investors received the first half of the Warrants in May 2022 as part of the IPO (the so-called IPO Warrants). The WSO committed, in its February 2022 Prospectus, to allocating the second half of the Warrants to each shareholder who holds a given number of shares (at least six) on a specified record date following the Business Combination (the BC Warrants). This record date fell on 27 June 2023.
Under the second tranche, shareholders were allocated three Warrants for every six shares held by the shareholder on the record date – one CZK 110 Warrant, one CZK 120 Warrant and one CZK 130 Warrant. Shareholders holding shares managed by WOOD & Company Financial Services Inc. (WCFS) are automatically credited with BC Warrants in their accounts. Other shareholders must instruct their custodian to transfer the BC Warrants to their accounts without consideration from WCFS.
The completion of the Business Combination has also fulfilled the condition for the conversion of the first one-third of the Sponsor Shares. As a result, 38,241 Sponsor Shares were converted into Ordinary Shares in the proportion set out in the Prospectus and the Articles of Association.
Full details of the Sponsor Shares, the Warrants and the terms of conversion are set out in the Prospectus and the WSO Articles of Association.
Footshop is a European retailer of premium streetwear footwear and apparel, founded in Prague in 2012 by Peter Hajduček. The company sells products online primarily in Europe, but its e-shop is available globally. Revenues for 2022 exceeded CZK 1bn, with 70% of sales outside the Czech Republic. Footshop also operates three premium bricks-and-mortar stores in the European capitals of Prague, Budapest and Bucharest. Thanks to its focus on the young streetwear community, the company has become a partner of global brands, such as Adidas, Nike, Converse and Vans, for the distribution of their premium lines of footwear and clothing. It is the only company in the region selling some of their product lines. In several markets, including the Czech Republic, it is the number one player in the premium streetwear footwear and apparel segment. In 2021, Footshop acquired its main competitor in the Czech Republic, Queens, under whose brand it continues to operate an e-shop.
A SPAC (Special Purpose Acquisition Company) is an equity product with the potential for very high returns and the opportunity to participate in the decision-making process. The company is created as an empty shell, set up for the purpose of acquisition, and is used to fast-track a company to the stock market. WOOD SPAC One is the first-ever SPAC within the CEE region. The book-building period ran from 10 February to 29 April 2022.
WOOD & Company is a major financial and investment group with a leading position in the Central European market, founded in 1991 and with offices in seven major European cities – Prague, Bratislava, Warsaw, Milan, Bucharest, Dublin and London. It focuses on providing services in the areas of corporate finance and capital markets, securities trading and asset management. A significant part of the group is real estate funds and online investment platform Portu.
Media Relations:
Martin Kodýdek
Tel.: +420 606 615 311
E-mail: martin.kodydek@wood.cz
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