Singapore-sponsored 8i enters into share exchange agreement with Diginex
Singapore
8i Enterprises Acquisition Corp, the first Singapore-sponsored "blank cheque" company listed on Nasdaq, has entered into a share exchange agreement with a Hong Kong-based global blockchain financial services and technology company, Diginex Ltd.
Upon completion of the transaction, Diginex is expected to have an initial enterprise value of about US$276 million.
8i Enterprises (Nasdaq ticker JFK) was set up by its Singaporean chief executive, James Mengdong Tan, as the first of a series of special purpose acquisition companies (SPACs). It raised US$50 million in its listing on Nasdaq in March.
A SPAC is set up for the purpose of acquiring an operating business that will hopefully prove rewarding for investors. It is also called a "blank cheque" company as investors hand over capital by subscribing for a SPAC initial public offer, even though they do not know at the outset which company will be acquired. For the acquisition target, merging with a SPAC gives it a public listi…
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