Brief: ETAO To Become Publicly Traded Via Merger With Mountain Crest Acquisition Corp III

ETAO International Co

28/01/2022 13:25

Jan 28 (Reuters) - Mountain Crest Acquisition Corp III
 MCAE.O :
    * ETAO INTERNATIONAL GROUP TO BECOME PUBLICLY TRADED GLOBAL
DIGITAL HEALTHCARE PLATFORM VIA MERGER WITH MOUNTAIN CREST
ACQUISITION CORP. III
    * MOUNTAIN CREST ACQUISITION CORP III - TRANSACTION VALUES
ETAO AT
A PRO FORMA FULLY DILUTED ENTERPRISE VALUE OF APPROXIMATELY $2.5
BILLION
    * MOUNTAIN CREST ACQUISITION CORP III - TRANSACTION EXPECTED
TO
PROVIDE UP TO $304 MILLION OF CASH PROCEEDS, INCLUDING A FULLY
COMMITTED $250 MILLION PIPE
    * MOUNTAIN CREST ACQUISITION CORP III - ETAO ALSO RECEIVED
COMMITMENTS THROUGH A SEPARATE PRIVATE PLACEMENT OF $51 MILLION
    * MOUNTAIN CREST ACQUISITION CORP III - COMBINED COMPANY
EXPECTED
TO TRADE ON NEW YORK STOCK EXCHANGE UNDER SYMBOL "ETAO"
    * MOUNTAIN CREST ACQUISITION CORP III - EXISTING ETAO
SHAREHOLDERS
ROLLING OVER 100% OF THEIR EQUITY INTO EQUITY OF COMBINED
COMPANY
    * MOUNTAIN CREST ACQUISITION CORP III - TRANSACTION INCLUDES
PIPE
FROM CHINA SME INVESTMENT GROUP

Source text for Eikon:  ID:nGNX9rBwrq 
Further company coverage:  MCAE.O 

 ((Reuters.Briefs@thomsonreuters.com;))