China's Big Tree Cloud enters $500 mln SPAC deal for US listing (updated)
11/10/2023 02:56
(Adds details on the transaction in paragraphs 3-4 and 6,
background on the company in paragraph 5)
Oct 10 (Reuters) - Plutonian Acquisition Corp PLTNU.O
said Chinese personal care products company Big Tree Cloud had
signed a merger agreement with the U.S. special purpose
acquisition company, with the deal reflecting an equity value of
about $500 million.
After the completion of the merger, the Big Tree Cloud would
be operated under a holding entity named Big Tree Cloud Holdings
Ltd, and will be listed on the U.S. Nasdaq Stock Market, the
companies said in a joint statement on Tuesday.
The transaction, expected to be completed in the first half
of 2024, will be valued at a price of $10 per share.
The proceeds from this transaction would to be utilized for
working capital and general corporate purposes, the statement
added.
Shenzhen-based Big Tree Cloud was founded in 2020, and its
product portfolio emphasizes on feminine hygiene products with
its sterilized feminine pads and menstrual pants.
"The proposed business combination with Plutonian
Acquisition Corp. will enable us to accelerate our effort of
accomplishing our mission of offering premium personal care
products to consumers and expanding our product portfolio beyond
feminine care," said Big Tree Cloud founder Wenquan Zhu.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi
Aich)
((rishabh.jaiswal@thomsonreuters.com;))