Mountain Crest Acquisition Corp. III (NASDAQ:MCAE) announced this afternoon that it has closed its combination with healthcare firm ETAO International Group.
MCAE shareholders approved the combination during a special meeting held last week on February 7, but at the time, the SPAC did not divulge a timeline for the closing of the deal.
The securities of ETAO International Co., the parent holding company of the resulting combined company, will start trading its shares on Nasdaq under the ticker symbol “ETAO” on February 21, 2023.
The parties announced their business combination in January 2022 at an original valuation of $2.5 billion. But, Mountain Crest amended the deal in June to reduce ETAO’s valuation to just $1 billion due to unfavorable market conditions and failure to close a private placement of $51 million.
The SPAC originally brought $54.1 million into the deal supplemented by a $250 million PIPE at $10 per share with commitments from the China SME Investment Group. Beijing-based ETAO is a diversified healthcare group managing 12 hospitals, about 30 chain clinics and an insurance brokerage.
EIG’s management team, led by Founder and Chief Executive Officer, Wilson Liu, will lead the combined company, along with Chief Financial Officer, David Muson.
ADVISORS
- Revere Securities LLC is acting as capital markets advisor to Mountain Crest III.
- Sichenzia Ross Ference LLP is acting as legal counsel to ETAO in the transaction.
- Loeb & Loeb LLP is acting as legal counsel to Mountain Crest III.
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