Ammunition tech firm TV Ammo to go public in $1.2 billion blank-check deal (updated)

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01/11/2022 11:14

(Adds backgound, details from statement)
       Nov 1 (Reuters) - Ammunition technology company TV Ammo
Inc will merge with blank-check firm Breeze Holdings Acquisition
Corp  BREZ.O  in a deal that values the combined entity at $1.21
billion, the companies said on Tuesday.
    The transaction is expected to generate cash proceeds of
about $76.8 million, assuming there are no redemptions from the
trust account of the blank-check or special-purpose acquisition
company (SPAC).    
    TV Ammo, a technology and composite manufacturing company
focused on the ammunition industry, will be listed in New York
at a time SPAC deals have seen a downtrend amid increased
regulatory scrutiny and poor stock performance of firms that did
such deals. 
    The De-SPAC Index  .DESPACTR  that tracks a basket of
companies that have listed through SPAC mergers is down roughly
65% so far this year. 
    A SPAC is a listed shell company that merges with a private
company, taking it public in the process.
    TV Ammo said it has about 300 issued and pending patents
around its technology-based manufacturing process and its
products can be used by the military and law enforcement, among
others. 
    After the deal closes, expected towards the first quarter of
2023, Breeze Holdings will be renamed "True Velocity Inc". 
 (Reporting by Manya Saini in Bengaluru;
Editing by Vinay Dwivedi)
 ((Manya.Saini@thomsonreuters.com;))