Ark Global Acquisition Corp. (NasdaqCM:ARKI.U) announced that it has entered into a warrants purchase agreement for a private placement of 4,666,667 warrants at a price of $1.5 per warrant for gross proceeds of $7,000,000.5 on December 30, 2020. The transaction will include participation from returning investor Ark Sponsors LLC. Each warrant will be exercisable to purchase one share of class A common stock at $11.50 per share. The company has granted an over-allotment option for 500,000 warrants to the underwriters. The warrants will be non-redeemable in nature and will be subject to transfer restrictions until 30 days after the completion of the company's initial business combination. The transaction is expected to close upon consummation of the initial public offering.