SPAC Iron Spark I Inc jumps as Hypebeast Ltd buys firm to list on Nasdaq

Hypebeast

04/04/2022 12:10

(Updates)
    ** Blank-check firm Iron Spark I Inc  ISAA.O  jumps ~30%
premarket to $12.75
    ** Hong Kong-listed e-commerce firm Hypebeast  0150.HK  set
to debut on Nasdaq through SPAC deal with ISAA for equity
valuation of $534 mln  urn:newsml:reuters.com:*:nFWN2W2099
    ** Hypebeast's merger with Iron Spark is expected to provide
up to $180 mln in total gross proceeds
    ** Transaction will be funded by cash held in trust account,
newly issued Hypebeast shares and $13.3 mln private placement in
public equity (PIPE) anchored by Tom Brady, Naomi Osaka,
co-founders of Thirty Five Ventures Kevin Durant and Rich
Kleiman and Tony Hawk, among others
    ** Hypebeast, which already trades on Hong Kong Stock
Exchange, plans to list on NASDAQ under symbol HYPE in Q3 2022
    ** ISAA expects to nominate former Nike  NKE.N  President
Trevor Edwards as director of Hypebeast
    ** ISAA set for best session since debut in June last year,
up ~10% YTD

 (Reporting by Susan Mathew and Mehnaz Yasmin)
 ((susan.mathew@thomsonreuters.com))