Papaya Growth Opportunity Corp. I announced that it expects to receive $12.95 million in funding from Papaya Growth Opportunity I Sponsor LLC, Cantor Fitzgerald & Co, Investment Arm, J.V.B. Financial Group, LLC, Investment Arm

Papaya Growth Opportunity Corp. I announced private placement of up to 1,290,500 pre-paid warrants at a price of $10 per warrant for gross proceeds of $12,905,000 on January 13, 2022. The company has entered into a warrants purchase agreement with the investors for the transaction.

The transaction will involve participation from Papaya Growth Opportunity I Sponsor LLC for 1,040,500 warrants (or up to 1,115,500 warrants if the underwriters' over-allotment option is exercised in full), Cantor Fitzgerald & Co, Investment Arm for 212,500 warrants and J.V.B. Financial Group, LLC, Investment Arm for 37,500 warrants. Each private placement warrant is exercisable for one share of class A common stock at a price of $11.50 per share. Once the warrants become exercisable, the company may redeem the outstanding warrants for cash.

The transaction will close concurrently with closing of public offering. The private placement warrants are redeemable. The warrants have 30 days lockup period after the completion of the transaction.