Quantumsphere (QUMS) to Merge With SACH in $300 Million SPAC Deal
Singapore-based gaming and technology firm SACH Pte. Ltd. is set for a NASDAQ listing through the proposed combination.
Quantumsphere Acquisition Corporation (NASDAQ: QUMS), a special purpose acquisition company, has with SACH Pte. Ltd., a Singapore-based company with a diverse portfolio spanning gaming, e-commerce, and technology. The deal will take SACH public, with the combined entity expected to be listed on the NASDAQ Global Market.
The transaction implies a for the new entity, assuming no redemptions by Quantumsphere's shareholders. Upon closing, SACH is positioned to receive up to $82.8 million in cash proceeds from QUMS's trust account, which will be used to fund its growth and operations.
SACH operates across several high-growth sectors, including retail and live events. A key asset highlighted in the announcement is its , which uses gamification and data analytics to drive both online and offline marketing engagement. The merger is expected to provide SACH with the public market currency to further develop its platforms.
Under the terms of the agreement, existing SACH shareholders are set to roll 100% of their equity into the combined company and are projected to hold a substantial majority of the new entity. This structure underscores the confidence of SACH's current ownership in the long-term value of the public listing.
Quantumsphere Acquisition Corporation, which raised $82.8 million in its March 2024 initial public offering, was formed to execute a business combination with a promising private company. The deal with SACH represents the culmination of that search.
The transaction is still subject to customary closing conditions, including shareholder approvals from both companies. To move forward, the companies intend to , which will contain a joint proxy statement and prospectus with further details on the proposed business combination.