China's Bestpath to go public in US via $1.2 bln SPAC deal (updated)

Aquaron Acquisition

27/03/2023 13:56

(Adds details from statement)
       March 27 (Reuters) - Chinese tech firm Bestpath said on Monday it had
agreed to go public in the United States through a merger with a blank-check
vehicle in a deal with an equity value of about $1.2 billion. 
    Founded in 2019, Bestpath is a hydrogen fuel cell powered vehicle company
and has a Shanghai-based R&D facility to advance growth of these vehicles. 
    The current shareholders of Bestpath will retain a majority of the
outstanding shares of the combined entity, and proceeds from the deal are
expected to be utilized for working capital and general corporate purposes.
    Special purpose acquisition companies (SPACs), once Wall Street's hottest
trend when they peaked during 2020 and early 2021, currently find themselves
facing regulatory hurdles and investor distrust amid volatile capital markets
and poor share performance of popular firms.
    After the deal closes, the combined company, 'Bestpath Group Limited'
expects to trade on the Nasdaq stock exchange. 

 (Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli and
Shailesh Kuber)
 ((Manya.Saini@thomsonreuters.com;))