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.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...