Silicon Valley Acquisition Corp. reported that underwriters partially exercised their IPO over-allotment option, purchasing 1,500,000 additional units at $10.00 per unit, for gross proceeds of $15,000,000. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
The company also sold 30,000 additional private placement units to Clear Street LLC at $10.00 per unit, generating another $300,000 of gross proceeds. A total of $15,000,000 from the over-allotment closing was deposited into the U.S.-based trust account for the benefit of public shareholders, and related amendments to the underwriting and private placement agreements were executed.