Burgundy Technology Acquisition Corporation announced that it has entered into securities purchase agreement to purchase 1,000,000 units at a price $10 per unit for an aggregate purchase price of $10,000,000 on July 31, 2020. The transaction will include participation from Burgundy Technology Sponsor Limited. Each unit will consists of one Class A ordinary share and one half of one warrant. Each whole warrant is exercisable to purchase one whole Class A ordinary share at a price of $11.50 per share. The warrants will expire five years from the date of issuance. The company has granted an over-allotment option to purchase 120,000 units in the transaction. The units will not subject to redemption rights or liquation distribution. The transaction will close simultaneously with the closing of the initial public offering. The company will pay no underwriting discounts or commission in the transaction, The securities will be issued in reliance upon an exemption from the registration requirements of the Act afforded by Section 4(a)(2) of the Securities Act and/or Rule 501(a) of Regulation D.