Australia's Security Matters soars on merger with U.S SPAC

Lionsgate Studios

26/07/2022 06:01

** Shares of Security Matters  SMX.AX  rise as much as
309.1% to A$0.450, marking their record intraday pct gain
    ** SMX, which provides solutions to digitise physical
objects to connect them to blockchain, says will merge with
U.S.-based SPAC Lionheart III Corp  LION.O  (https://bit.ly/3S5s4S2)
    ** Total proforma equity value of combined group is expected
to be $360 mln; merger values SMX at $200 mln
    ** Under deal, SMX will list on NASDAQ via new Irish company
SMX Ireland; post deal, SMX to own about 55.5% of newly combined
entity
    ** Lionheart board unanimously approves transaction
    ** Post deal, SMX shareholders will own about 55.5% of
combined company
    ** SMX hits highest since Jan. 15, 2021
    ** About a million shares change hands, vs the 30-day
average of 56,000 shares
    ** SMX down 60.7% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((rishav.chatterjee@thomsonreuters.com))