Market Overview

Draper Oakwood Technology Acquisition, Inc. and Reebonz Limited Announce Execution of Definitive Business Combination Agreement


Draper Oakwood Technology Acquisition, Inc. ("DOTA") (NASDAQ: "DOTA,"
"DOTAU," "DOTAR" and "DOTAW") and Reebonz Limited ("Reebonz"), a leading
online luxury marketplace and platform in the Asia Pacific region based
in Singapore, announced today that they have entered into a definitive
business combination agreement (the "Business Combination Agreement"),
pursuant to which DOTA and Reebonz will become subsidiaries of a newly
created Cayman Islands exempted company, DOTA Holdings Limited ("RBZ").
Following the completion of the transaction, RBZ will be renamed Reebonz
Holding Limited. It is expected that RBZ will apply for listing of its
ordinary shares on the NASDAQ Stock Market under the ticker "RBZ". The
combined company will continue to be led by Reebonz's experienced
management team under the leadership of Chief Executive Officer and
co-founder Samuel Lim.

Reebonz (pronounced "ribbons") is a leading online luxury marketplace
and platform in the Asia Pacific region for buying and selling new and
pre-owned products. Founded in 2009 by entrepreneurs Samuel Lim, Daniel
Lim and Benjamin Han, Reebonz has attracted over 5.5 million members,
with over 350 employees and business operations in ten countries
including Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, Thailand,
Australia, South Korea, China, and the USA. In 2017, Reebonz achieved
S$349 million in gross merchandise value.

In connection with the proposed transaction, Tim Draper, Senior Advisor
to DOTA, states "Reebonz is a leading online luxury brand in the Asia
Pacific region. The Reebonz leadership team is extraordinary and has
developed a cutting-edge technology and platform. Authentication of
pre-owned luxury items using the blockchain is just one of many high
impact innovations Reebonz is pioneering to improve the luxury shopping
experience for customers across Asia Pacific. We believe that the
capital and the Nasdaq listing will help Reebonz continue to build an
outstanding brand."

According to Samuel Lim, co-founder and Chief Executive Officer of
Reebonz, "We are excited to partner with DOTA to continue to deliver on
our mission of creating the easiest way to buy and sell luxury goods. We
are thankful to our shareholders for their continuous support for this
transaction. Operating as an eco-system for new and pre-owned luxury
fashion, where buyers become sellers and sellers become buyers, we offer
a trusted way of accessing luxury fashion where few choices existed.
Through our data, we are able to offer predictive analytics,
personalization and dynamic pricing which increases engagement and
enhances the lifetime value of our customers. We emphasize on providing
localization and will continue to scale the business across Southeast
Asia and Asia Pacific and provide our members a differentiated
omni-channel, mobile, and social experience when they shop with Reebonz."

Aamer Sarfraz, CEO of DOTA, commented "We are excited to partner with
Sam and the fabulous team at Reebonz. We set up Draper Oakwood
Technology Acquisition to find and partner with exactly this type of
best-of-breed team. In the process, we looked at many prospective
opportunities, but Reebonz stood out big time - they've got the brand,
the track record, the technology, and the vision to do great things once
they have access to the capital markets."

Transaction Details

Upon the closing under the Business Combination Agreement, existing
equity holders, option holders and warrant holders of Reebonz will roll
all of their equity into RBZ (with the options and warrants being
assumed by RBZ), resulting in ownership of RBZ that is currently
anticipated to be approximately 70% by Reebonz shareholders and the
holders of in-the-money Reebonz options (if such options are exercised
on a net basis), assuming that no DOTA public shareholders redeem their
DOTA shares in connection with the closing. The value of the securities
deliverable by RBZ to Reebonz shareholders and holders of in-the-money
Reebonz options is based on an enterprise value of Reebonz of $252
million, subject to adjustment for the net debt of Reebonz and its
subsidiaries. Additionally, the Reebonz shareholders and RBZ management
may receive up to a total of 2.5 million additional shares from RBZ
after the closing pursuant to an earnout if certain consolidated revenue
and RBZ share price targets are met in calendar years 2019 and 2020
(subject to additional lookback provisions). The consummation of the
business combination is subject to the terms and conditions set forth in
the Business Combination Agreement, including the approval of the
business combination and related matters by the stockholders of DOTA,
and is currently expected to close in the fourth quarter of 2018. The
description of the transaction contained herein is only a summary and is
qualified in its entirety by reference to the definitive Business
Combination Agreement, a copy of which will be filed by DOTA with the
Securities and Exchange Commission (the "SEC") as an exhibit to a
Current Report on Form 8-K.

Ellenoff Grossman & Schole LLP and Maples and Calder are acting as legal
advisors to DOTA, and Cowen and Company, LLC and EarlyBirdCapital, Inc.
are acting as financial advisors to DOTA. Dentons Rodyk and Davidson
LLP, Dentons US LLP and Dentons Cayman Islands are acting as legal
advisors to Reebonz.

About Reebonz

Headquartered in Singapore and founded in 2009, Reebonz (pronounced
"ribbons") is the trusted online marketplace and platform for buying and
selling new and preowned luxury products in the Asia Pacific region.
Leveraging data and technology, Reebonz makes luxury accessible by
operating as an eco-system of B2C e-tail and B2C marketplace for over
1,000 brands and 172 boutiques, supported by C2C marketplaces that
enable individuals to sell through its platform. With an easy shopping
experience, members can enjoy convenient access to the selection of
products that Reebonz sources as well as from a curation multi-brand
luxury boutiques from all around the world. Investors include prominent
venture capital investors, strategic investors and individuals such as
Vertex Ventures, GGV Capital, Intel Capital, Matrix Partners China,
Mediacorp, SGInnovate, FengHe Group, OCBC Bank, Richard Ji (CIO and
Managing Partner of All Star Investments), and Richard Liu (managing
director of Morningside Venture Capital), amongst others.

About Draper Oakwood Technology Acquisition, Inc.

Draper Oakwood Technology Acquisition, Inc. is a special purpose
acquisition company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization, or similar business combination. DOTA raised
approximately $57.5 million from public stockholders in connection with
its initial public offering in September 2017. DOTA's units began
trading on The NASDAQ Capital Market on September 15, 2017 and its
units, commons stock, rights and warrants trade on NASDAQ under the
ticker symbols "DOTAU," "DOTA," "DOTAR" and "DOTAW", respectively.

Forward Looking Statements

Certain statements made in this release are "forward looking statements"
within the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes," "seeks,"
"may," "will," "should," "future," "propose" and variations of these
words or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance,
conditions or results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of which
are outside DOTA's or Reebonz's control, that could cause actual results
or outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, that may
affect actual results or outcomes include: the inability to obtain DOTA
stockholder approval of the business combination, the inability to
complete the transaction contemplated by the Business Combination
Agreement because of failure of closing conditions or other reasons; the
inability to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things, the amount of
cash available following any redemptions by DOTA stockholders; the
ability to meet NASDAQ's listing standards following the consummation of
the transactions contemplated by the Business Combination Agreement;
costs related to the proposed business combination; Reebonz's ability to
manage growth; the reaction of Reebonz customers and suppliers to the
business combination; Reebonz's ability to identify and integrate other
future acquisitions; rising costs adversely affecting Reebonz's
profitability; potential litigation involving DOTA or Reebonz or the
validity or enforceability of Reebonz's intellectual property; and
general economic and market conditions impacting demand for Reebonz's
products. See the risk factors disclosed in the preliminary proxy
statement for the business combination for additional risks associated
with the business combination. Neither DOTA nor Reebonz undertakes any
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as
required by law.

Additional Information about the Transaction and Where to Find It

The proposed transaction will be submitted to stockholders of DOTA for
their approval. In connection with the proposed business combination,
RBZ will file with the SEC a registration statement on Form F-4 for the
RBZ securities to be issued to DOTA security holders at the closing of
the business combination, which registration statement will contain
preliminary and definitive proxy statements of DOTA in connection with a
special meeting of the stockholders of DOTA to consider and vote on the
business combination and related matters. RBZ and DOTA will mail the
definitive registration statement on Form F-4 containing the definitive
proxy statement/prospectus and other relevant documents to its
stockholders in connection with the meeting. Investors and security
holders of DOTA are advised to read, when available, the draft of the
registration statement, the preliminary proxy statement, and amendments
thereto, and the final registration statement (as declared effective by
the SEC) and the definitive proxy statement, which will contain
important information about the proposed business combination and the
parties thereto. The registration statement and definitive proxy
statement will be mailed to stockholders of DOTA as of a record date to
be established by DOTA for voting on the proposed business combination.
Stockholders will also be able to obtain copies of the registration
statement and proxy statement, without charge, once available, at the
SEC's website at
or by directing a request to: Draper Oakwood Technology Acquisition,
Inc., c/o Draper Oakwood Investments, LLC, 55 East 3rd Ave., San Mateo,
CA 94401, USA, Attention: Aamer Sarfraz, Email:

Participants in the Solicitation

DOTA, Reebonz, and their respective directors, executive officers and
other members of their management and employees, under SEC rules, may be
deemed to be participants in the solicitation of proxies of DOTA
stockholders in connection with the proposed business combination.
Investors and security holders may obtain more detailed information
regarding the names, affiliations and interests in DOTA's directors and
in its Annual Report on Form 10-K for the fiscal year ended December 31,
2017, which was filed with the SEC on March 29, 2018. Information
regarding the persons who may, under SEC rules, be deemed participants
in the solicitation of proxies to the DOTA's stockholders in connection
with the proposed business combination will be set forth in the proxy
statement for the proposed business combination when available.
Information concerning the interests of DOTA's and Reebonz's
participants in the solicitation, which may, in some cases, be different
than those of DOTA's and Reebonz's equity holders generally, will be set
forth in the proxy statement relating to the proposed business
combination when it becomes available.


This release shall neither constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.

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