On August 10, 2021, Macondray Capital Acquisition Corp. I closed the transaction. On the same date, the company amended terms of the transaction and issued 750,000 warrants for gross proceeds of $1,125,000 in its second tranche pursuant to over-allotment option.

The company issued a total of 7,416,667 warrants for $11,125,000.5 in the transaction.