Super Apps Holdings will go public in the United States through a merger with a special purpose acquisition company in a deal that values the Malaysian payments technology firm at $1.1 billion, the companies said on Wednesday.
Before the deal with Technology & Telecommunication Acquisition Corporation closes, Super Apps will buy 60% 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 Inc.
The Technology & Telecommunication Acquisition SPAC listed in January, raking in $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.
Source: Reuters.com