AGBA rises on blank check deal with TAG Holdings
05/11/2021 12:07
** AGBA Acquisition Limited's shares AGBA.O up 2.2% at
$11.24 premarket
** The Hong Kong-based SPAC announces deal with TAG Holdings
Ltd and its wholly-owned subsidiaries, TAG International Ltd,
TAG Asset Partners Ltd, OnePlatform International Ltd,
OnePlatform Holdings Ltd (OPH) and TAG Asia Capital Holdings Ltc
** Combined co's base enterprise value is $555 mln
** Will acquire all issued and outstanding equity in
consideration for issuance of 55.5 mln AGBA ordinary shares with
a price per share of $10 - co
** Merged co to trade on NASDAQ under the AGBA ticker
** AGBA says it will ensure that the combined co receives
funds of at least $35 mln, comprised of amount raised in private
investment in public equity (PIPE) and not redeemed from AGBA's
trust
** Up to last close, stock had risen 4.7% this year
(Reporting by Bansari Mayur Kamdar)
((BansariMayur.Kamdar@thomsonreuters.com;))