SPACInsider Logo
I-AM Capital Acquisition Company Announces Business Combination
by Kristi Marvin on 2018-05-09 at 9:13am

Definitive Agreement with SMAAASH Entertainment

I-AM Capital announced their business combination today with SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual reality gaming and sports entertainment company, headquartered in Mumbai, India.

Per their press release….

“SMAAASH presently owns and operates over 30 family entertainment centers across India. SMAAASH which is currently going through a global expansion, owns an entertainment center in the Mall of America, Minneapolis, USA, and is in the process of opening in Dubai center which is expected this quarter. SMAAASH has a market leader position in India, and is experiencing rapid growth, expecting to grow to around 60 centers within the next two years. SMAAASH is also actively expanding to other countries including Saudi Arabia and Thailand. In fact, SMAAASH is the amongst the first such entertainment companies to be invited under Saudi Arabia’s Vision 2030, to set up a world-class entertainment center in Jeddah. Globally, SMAAASH’s entertainment centers cover an area of over 750,000 square feet, and have entertained around 5 million customers to date.”

The announcement states that the transaction values SMAAASH at an Enterprise Value of approximately $200 million with I-AM Capital retaining 24.5% ownership interest in SMAAASH.  I-AM Capital raised $52.7 million in its IPO and the 24.5% ownership assumes the full $49 million is invested (no redemptions and net closing fees and expenses).

Additional analysis forthcoming as soon as additional information is available.

 

Recent Posts
by Marlena Haddad on 2023-02-03 at 5:50pm

Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...

by Marlena Haddad on 2023-02-03 at 5:30pm

Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...

by Marlena Haddad on 2023-02-03 at 11:41am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...

by Nicholas Alan Clayton on 2023-02-03 at 11:37am

Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...

by Nicholas Alan Clayton on 2023-02-03 at 9:49am

FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved