NEW YORK--(BUSINESS WIRE)--Draper Oakwood Technology Acquisition, Inc. (NASDAQ: “DOTA,” “DOTAU,” “DOTAR” and “DOTAW”) today announced that the Company’s sponsor has notified the Company of its intention to deposit into the Company’s trust account  $575,000, representing $0.10 per public share, by September 19, 2018, in order to extend the period of time the Company has to consummate a business combination by three months to December 19, 2018. The Company intends to announce by September 20, 2018 whether such funds have been deposited into the Trust Account.

The Sponsor will have the option, but no obligation, to extend such term one additional time by an additional three months, to March 19, 2019, by depositing an additional $575,000 into the Company’s trust account, representing $0.10 per public share, in connection with such additional extension.

About Draper Oakwood

Draper Oakwood is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination. On September 4, 2018, Draper Oakwood announced it had entered into a definitive agreement to combine with Reebonz Limited, an online marketplace and platform for buying and selling new and preowned luxury products in the Asia Pacific region. For further information about such transaction, please refer to Draper Oakwood’s SEC filings.