SACH to Go Public via $300M Merger with SPAC Quantumsphere (QUMS)
The deal will see the Singapore-based social technology company list on the Nasdaq, valuing the combined entity at approximately $300 million.
SACH Pte. Ltd., a Singapore-based social technology company, has entered into a definitive merger agreement with Quantumsphere Acquisition Corporation (NASDAQ: QUMS), a special purpose acquisition company. The proposed business combination values the combined entity at an implied pro forma equity value of approximately $300 million and is expected to result in SACH becoming a publicly traded company on the Nasdaq Global Market.
The transaction is anticipated to provide SACH with significant capital to fuel its growth, with up to from Quantumsphere's IPO trust account, assuming no shareholder redemptions. This strategic move is designed to provide SACH with the resources to develop and commercialize its products and services across the gaming, technology, and e-commerce industries.
SACH is the developer of OMMiii, a social technology platform that uses gamification to drive engagement and facilitate marketing strategies for online and offline businesses. The merger with a SPAC provides a pathway to access U.S. public markets and a broader investor base. , current SACH shareholders are expected to retain 100% of their equity and will hold a substantial majority of the combined company's shares post-merger.
Quantumsphere Acquisition Corporation, which completed its initial public offering in March 2024, has been focused on identifying and partnering with high-growth companies. The merger with SACH aligns with this strategy, targeting a company with a unique position in the social technology and gaming sectors.
The completion of the merger is subject to customary closing conditions, including the approval of shareholders from both companies. SACH intends to file a with the U.S. Securities and Exchange Commission, which will contain a detailed prospectus and proxy statement regarding the transaction.