Payments tech firm Super Apps to list in US via US$1.1b SPAC deal
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SUPER Apps Holdings will go public in the United States through a merger with a special purpose acquisition company (SPAC) in a deal that values the Malaysian payments technology firm at US$1.1 billion, the companies said on Wednesday (Oct 19).
Before the deal with Technology & Telecommunication Acquisition Corporation closes, Super Apps will buy 60 per cent of fintech firm MobilityOne’s stake in OneShop Retail.
Proceeds from the merger will be used to expand headcount, Super Apps said. The combined company will be listed on Nasdaq and named TETE Technologies.
The Technology & Telecommunication Acquisition SPAC listed in January, raking in US$115 million in its initial public offering.
SPACs are shell firms that use capital from their initial public offerings to merge with a private company, which then becomes public as a result.
Once Wall Street’s hottest investment trend, SPACs have seen a decline in interest due to market volatility and weak stock performance of companies that merged with them. REUTERS
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