Ropes & Gray Advises Cohen & Company Capital Markets on $345 Million Dual SPAC IPOs.
Ropes & Gray has advised Cohen & Company Capital Markets, serving as lead book-running manager, in the initial public offerings of two special purpose acquisition companies (SPACs): Digital Asset Acquisition Corp. (DAAQ) and Real Asset Acquisition Corp. (RAAQ).
Each offering raised $172.5 million, closing successfully on April 30. The units are now trading on the Nasdaq under the ticker symbols DAAQU and RAAQU, respectively.
Digital Asset Acquisition Corp. aims to pursue business combinations within the digital asset and cryptocurrency-adjacent sectors, leveraging the team’s deep expertise in emerging financial technologies and innovation-driven markets.
Real Asset Acquisition Corp. plans to target businesses backed by tangible assets, including companies operating in quantum computing, metals and mining, rare earth elements, and infrastructure—sectors where the team brings significant sector-specific experience.
The Ropes & Gray team advising on the transactions was led by capital markets partner Christopher Capuzzi and tax partner Dan Zuckerman.
DAAQ is a blank check company formed to effect mergers, asset acquisitions, or similar business combinations, with a focus on opportunities in the digital asset and cryptocurrency sectors. RAAQ holds a similar mandate, targeting real asset-focused industries.
Cohen & Company Capital Markets (CCM) is a full-service boutique investment bank specializing in M&A, capital markets, and SPAC advisory. As part of J.V.B. Financial Group, CCM combines personalized service with the capabilities of a larger institution. Its experienced team provides strategic guidance and deep industry knowledge, serving a diverse client base including institutional investors, corporates, and private equity firms.
Ropes & Gray is a global law firm providing comprehensive legal services to clients across a wide range of industries. With a reputation for excellence, the firm is known for its expertise in areas such as corporate law, private equity, M&A, intellectual property, litigation, regulatory matters, and finance.
Founded in 1865, Ropes & Gray has grown to include offices in major cities around the world, including New York, London, Hong Kong, and Boston.
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