Draper Oakwood Technology Acquisition, Inc. Determines to Remove Voting Requirement as Condition to Exercise of Redemption Rights

NEW YORK–(BUSINESS WIRE)–On December 6, 2018, Draper Oakwood Technology Acquisition, Inc. (the
“Company”) (NASDAQ: “DOTA,” “DOTAU,” “DOTAR” and “DOTAW”) filed a
definitive proxy statement/prospectus (the “Proxy Statement”) with the
Securities and Exchange Commission related to its special meeting of
stockholders to be held on December 19, 2018, to consider and vote upon,
among other things, the approval of its previously announced proposed
business combination with Reebonz Limited (the “Business Combination
Proposal”). In order for stockholders of the Company to exercise their
redemption rights, the Proxy Statement provided that stockholders must
affirmatively vote either for or against the Business Combination
Proposal (the “Voting Requirement”) in addition to following the
instructions in the Proxy Statement in order to tender such shares and
demand a pro rata portion of the funds held in the Company’s trust
account.

The Company has determined to remove the Voting Requirement so that
stockholders of the Company may redeem their shares without voting on
the Business Combination Proposal. This means that stockholders who hold
public shares on or before December 17, 2018 will be entitled to elect
to have their public shares redeemed for cash in connection with the
special meeting of stockholders whether or not they were holders as of
the record date of December 5, 2018, and whether or not such shares are
voted at the special meeting. In connection with this change, the
Company will today file a proxy statement revision (“Proxy Statement
Revision”) with the Securities and Exchange Commission. In order to
properly exercise their redemption rights, holders of public shares will
be required to submit their request for redemption prior to 5:00 p.m.,
Eastern Time, on December 17, 2018, and to otherwise follow the
redemption instruction procedures set forth in the Proxy Statement, as
revised by the Proxy Statement Revision, in order to tender such shares
and demand a pro rata portion of the funds held in the Company’s trust
account. Stockholders holding their shares in “street name” through
brokers should provide instructions to their brokers as provided in the
Proxy Statement.

The Company believes that this change in the redemption requirements
provides stockholders with greater flexibility to redeem their public
shares and simplifies the overall redemption process.

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.

Additional Information about the Transaction and Where to Find It

In connection with the proposed business combination with Reebonz
Limited and other matters, the Company has filed a proxy statement with
the SEC on December 6, 2018 and, on December 7, 2018 commenced mailing
the definitive proxy statement and other relevant documents to its
stockholders as of the December 5, 2018 record date for the special
meeting. Investors and security holders of the Company are advised to
read the definitive proxy statement and other relevant documents,
including the Proxy Statement Revision, that have been or will be filed
with the SEC in connection with the Company’s solicitation of proxies
for its stockholders’ meeting to be held to approve the proposed
business combination with Reebonz Limited, among other matters, because
the definitive proxy statement and other documents contain important
information about the proposed business combination with Reebonz Limited
and the parties to the proposed business combination with Reebonz
Limited. Stockholders may also obtain a copy of the definitive proxy
statement, as well as other relevant documents that have been or will be
filed with the SEC, without charge, at the SEC’s website at www.sec.gov
or by directing a request to: Mr. Aamer Sarfraz, Draper Oakwood
Technology Acquisition, Inc., c/o Draper Oakwood Investments, LLC, 55
East 3rd Ave., San Mateo, CA 94401, Tel. (713) 213-7061

If you have any questions or need assistance voting your shares, please
call our proxy solicitor, Advantage Proxy at 1-877-870-8565 or
1-206-870-8565 or send an email to ksmith@advantageproxy.com

Participants in the Solicitation

The Company, Reebonz Limited, DOTA Holdings Limited (a Cayman Islands
exempted company) and their respective directors, executive officers and
other members of their management and employees, under SEC rules, may be
deemed to be participants in the solicitation of proxies of the
Company’s stockholders in connection with the Business Combination and
related transactions. Information regarding the persons who may, under
SEC rules, be deemed participants in the solicitation of proxies to the
Company’s stockholders in connection with the proposed business
combination with Reebonz Limited, and a description of their direct and
indirect interests, by security holdings or otherwise, is set forth in
the definitive proxy statement for the proposed business combination
with Reebonz Limited and the related transactions, which has been filed
with the SEC. Information concerning the interests of the Company’s,
Reebonz Limited’s and DOTA Holdings Limited’s participants in the
solicitation, which may, in some cases, be different than those of the
Company’s, Reebonz Limited’s and DOTA Holdings Limited’s stockholders
generally, is also set forth in the definitive proxy
statement/prospectus relating to the proposed business combination with
Reebonz Limited and related transactions.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as amended.

Contacts

Draper Oakwood Technology Acquisition, Inc.
Aamer A. Sarfraz,
713-213-7061
aamer@draperoakwood.com