Macondray Capital Acquisition Corp. I announced that it has entered into a subscription agreement for a private placement of 5,333,333 warrants at an issue price of $1.50 per share for gross proceeds of $7,999,999.5 on April 7, 2021. The warrants are exercisable to purchase class A ordinary shares at an exercise price of $11.50 per share for five years, post the closing.

The company granted over-allotment option to the underwriters pursuant to the transaction. The company will issue a total of 5,883,333 warrants for gross proceeds of $8,824,999.5, if the over-allotment option is exercised in full. The company will issue warrants to purchase 9,166,667 class A ordinary share or up to 10,541,667 class A ordinary shares if over-allotment option is exercised in full.

The transaction will close simultaneously with the public offering transaction. The transaction will include participation from Macondray, LLC. The warrants to be issued in the transaction are non-redeemable as long as they are held by the investors or its permitted transferees.

All the securities to be issued as part of the transaction are subject to transfer restrictions until 30 days after the completion of the transaction. No underwriting discounts or commissions were paid with respect to the transaction. The issuance of the private placement warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.