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HK ACQ-Z De-SPAC Passes Listing Hearing, Expected to be Controlled by BABA-W After Transaction
Recommend 22 Positive 33 Negative 9 |
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According to the Hong Kong Stock Exchange, the special purpose acquisition company (SPAC), HK ACQ-Z (07841.HK), has passed the listing hearing for its De-SPAC transaction. HK ACQ-Z's business is expected to be merged with that of the target company, Synagistics Pte. Ltd. The joint sponsors for this transaction are Haitong International and CMB International. Synagistics is a Southeast Asian e-commerce solutions platform, currently 47.22% owned by Alibaba Singapore, a subsidiary of BABA-W (09988.HK). Assuming full redemption of SPAC shares, and no exercise of the promoter earn-out right/ the target company founder earn-out right/ the subscription rights attached to HK ACQ-Z SPAC warrants and promoter warrants, and with the permitted equity financing subscription amount totaling $15 million, HK ACQ-Z (also known as the successor company) is expected to be 34.26% owned by Alibaba Singapore upon completion of the transaction, making BABA-W its controlling shareholder. In addition, after completing the De-SPAC transaction, HK ACQ-Z is expected to be renamed Synagistics Limited. AAStocks Financial News |
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