SPAC Arogo Capital Acquisition Corp to take EON Reality public

Arogo Capital Acquisition

26/04/2022 17:11

** Shares of special purpose acquisition co Arogo Capital
Acquisition Corp  AOGO.O  rise marginally to $9.99 
    ** Co to merge with EON Reality, a maker of virtual and
augmented reality (AR/VR) training solutions for industrial and 
academic purposes 
    ** Combined co to have a pro-forma enterprise value of $655
mln at closing  urn:newsml:reuters.com:*:nGNE9QWSPN
    ** Deal will provide EON with $101 mln in cash, assuming no
redemptions
    ** Deal expected to close in H2 2022, after which combined
firm EON Reality Inc will trade on the Nasdaq under the symbol
"EOXR"
    ** SPACs like AOGO are listed shell entities which raise
funds through an IPO with the intention of merging with a
private co at a later date in an effort to take it public 
    ** AOGO raised $103.5 mln via an IPO late last year

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))