Ropes & Gray Advises on Two $172.5 Million SPAC IPOs

Ropes & Gray advised Cohen & Company Capital Markets as the lead book-running manager in the IPOs of two special purpose acquisition companies – Digital Asset Acquisition Corp. and Real Asset Acquisition Corp. – that each raised $172.5 million in offerings that closed on April 30. The units will trade on the Nasdaq exchange under the ticker symbols “DAAQU” and “RAAQU” respectively.

DAAQ intends to identify attractive targets in the digital asset and cryptocurrency-adjacent sectors that power transformation and innovation by leveraging the team’s sector-specific expertise. RAAQ intends to identify attractive targets underpinned by real assets, including those in the quantum computing, metals/mining, rare earth, and infrastructure sectors by leveraging the team’s sector-specific expertise.

Cohen & Company is a full-service boutique investment bank that provides innovative strategic and financial advice in M&A, capital markets, and SPAC advisory services.

The transactions were led by capital markets partner Christopher Capuzzi and tax partner Dan Zuckerman.