HK firm TechStar Acquisition enters SPAC merger deal with Seyond unit

Seyond Holdings

20/12/2024 16:50

Dec 20 (Reuters) - Hong Kong-listed special purpose acquisition firm
TechStar Acquisition Corp  7855.HK  said on Friday it is set to merge with
Seyond Merger Sub, a special purpose acquisition unit of Seyond Holdings, in a
SPAC transaction.
    TechStar said in a statement that the merged entity would become a unit of
Seyond Holdings, with the negotiated value of the latter being around HK$11.7
billion ($1.51 billion).
    The U.S.-based privately held Seyond Holdings manufactures light detection
and ranging technology. However, it has been recording losses since 2022,
according to the TechStar statement.
    The two companies have also entered into agreements with various investors,
with the firms issuing shares of the Seyond unit at a price of HK$10.00 per
share to the investors.
    TechStar said its listing on the Hong Kong stock exchange would be withdrawn
following the completion of the merger.
    The firm also said that the new merged entity would also apply for a listing
on the Hong Kong stock exchange, and in the event of not receiving an approval,
the transaction would not proceed.

($1 = 7.7724 Hong Kong dollars)

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Shailesh Kuber)
 ((Shivangi.Lahiri@thomsonreuters.com;))