Asian Innovations Group Limited (ASIG) has agreed to go public through a Special Purpose Acquisition Company (SPAC) merger with Magnum Opus Acquisition LtdTakeover bid.
The proposed business combination transaction provides an equity valuation for the combined company of $2.5 billion.
ASIG operates an integrated platform of mobile device products across social media, mobile gaming, e-commerce and payments.
As of December 31, 2021, ASIG has over 400 million registered users in 150 countries.
ASIG’s products include Uplive, one of the world’s largest live video platforms, leading live social dating apps Lamour and CuteU, and fast-growing e-commerce platform Hekka.
The estimated gross proceeds of the transaction will likely be $200 million in cash from IPO proceeds held in trust, plus up to $150 million from a planned capital raise after the announcement.
These revenues will likely fuel ASIG’s continued growth by expanding its product reach across its 150 active countries and regions, further expanding its user base, and pursuing accretive acquisition opportunities.
On a pro forma basis after closing, current ASIG shareholders will own 84% of the resulting interest in the combined company.
The merged company will be named “Asia Innovations Group Limited”. ASIG’s common stock will likely trade under the proposed new symbol “ASIG”.
ASIG CEO Andy Tian said, “The proposed merger will combine the best of macroeconomic growth in emerging markets and the advantages of being a publicly traded company in the United States to transform ASIG into a powerhouse. global mobile.
Price Action: OPA shares closed at $9.89 on Thursday.
