NEW YORK--(BUSINESS WIRE)--Alpha Capital announced today that it has closed its $230 million initial public offering on the Nasdaq Capital Market ("Nasdaq"), trading under the ticker symbol "ASPCU". The special purpose acquisition company ("SPAC") will use the funds to seek a business combination with a Latin American-focused technology company. Alpha announced pricing last Thursday.

There are over 20,000 technology companies in that region according to Crunchbase. While they have generally been funded by a growing local network of early-stage investors, later-stage capital has been far less available in Latin America, which has limited growth opportunities. Alpha aims to solve that dilemma by creating new access to late-stage, cost-efficient capital.

Alpha's founders and sponsors are Alec Oxenford, Chief Executive Officer and Chairman, and Rafael Steinhauser, President and Director. Both were born in Argentina and are based in Brazil. Oxenford is a well-known serial internet entrepreneur and investor in Latin America with over 20 years of experience building, growing and operating technology companies around the world. Most recently, he co-founded and was CEO of letgo, an online secondhand marketplace in the U.S. and Turkey, which grew to over 100 million mobile downloads before merging its U.S. operations with competitor OfferUp last year. He also co-founded and was CEO of OLX, which became the largest online marketplace of its kind in Brazil and other emerging markets. Both letgo and OLX were "unicorn" startups, with valuations above $1 billion. Oxenford previously co-founded online payment platform DineroMail and online auction platform DeRemate.com in Latin America.

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Steinhauser has led Latin American operations for some of the largest technology, media and telecom companies there, with over 35 years of senior corporate experience in the industry globally. He served as President of Qualcomm Latin America from 2011 to 2020, contributing to Brazil's digital inclusion and the commercial launch of the first worldwide SiP-based smartphone in Brazil. He also led the effort to create Qualcomm Ventures in the region, one of the largest corporate venture capital investors there, which has already participated in several "unicorn" startups. Steinhauser was previously President at Nortel Networks and Cisco Systems in the region.

"Alpha Capital is about drawing on our background to help some of the most driven and talented entrepreneurs in Latin America unlock the full potential of their ideas," said Oxenford.

Steinhauser added that, "Our experience, relationships and deep connection to Latin America's technology sector put us in a unique position to partner with the most extraordinary businesses there."

Alpha's co-sponsors include Innova Capital, FJ Labs and Dr. Irwin Jacobs. Founded by Veronica Allende Serra, Innova Capital is a Brazilian private equity and venture capital fund focused on high growth companies. FJ Labs is a leading global technology investment firm founded by Fabrice Grinda and Jose Marin. Dr. Jacobs is an accomplished technology and business leader who co-founded and was CEO of Qualcomm. Alpha's management team includes Chief Financial Officer Rahim Lakhani, Chief Strategy Officer Alfredo Capote and Vice President of Strategy Kirill Matalov.

About Alpha Capital

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Alpha Capital is a special purpose acquisition company ("SPAC") seeking a business combination with a Latin American-focused technology company. The firm's founders and sponsors are Alec Oxenford, CEO and Chairman, and Rafael Steinhauser, President and Director. Both have spent decades building, growing, operating and investing in some of the largest and most impactful technology companies across the region and worldwide. Alpha aims to draw on that background to help some of the most driven and talented entrepreneurs in Latin America unlock the full potential of their ideas.

The company trades under the Nasdaq ticker symbol "ASPCU". Beginning in April, the underlying shares and warrants within those units will trade separately under the ticker symbols ASCP and ASCPW, respectively. For more information, visit alpha-capital.io.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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