Goldenbridge Acquisition Limited (Nasdaq: GBRG) announced this afternoon that it has completed its business combination with digitalized auto services provider Auto Services Group through its indirect majority-owned subsidiary Sun Car Online Insurance Agency.
The SPAC’s shareholders already approved the deal at a meeting held on April 14, but at that time, it noted that it was planning to close as soon as possible and would continue to accept reversal of redemption requests until then. Goldenbridge still has not yet released information on its redemptions in connection with its vote, but the transaction also did not include a minimum cash condition.
Beginning Thursday, May 18, SunCar’s Class A ordinary shares and warrants will trade on the Nasdaq under the ticker symbols “SDA” and “SDAWW,” respectively.
Goldenbridge announced the $858 million combination with Auto Services Group in May 2022. Shanghai, China-based SunCar is a leading provider of digital platforms of comprehensive automotive services and market-wide auto insurance products in China.
ADVISORS
- Maxim Group LLC is acting as M&A and financial advisor to Goldenbridge.
- Loeb & Loeb LLP is acting as legal advisor to Goldenbridge.
- Pryor Cashman LLP is acting as legal advisor to SunCar.
- Chain Stone Capital Limited (CTM) is acting as financial advisor to SunCar.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk Vietnamese...
Embark Technology (NASDAQ:EMBK), which combined with Northern Genesis II in November 2021, announced this morning that it has agreed to merge with software firm Applied Intuition. The all-cash deal would give the company a total equity value of $71 million – a far drop from the roughly $5 billion valuation it had upon its Nasdaq...
Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is once again postponing its vote to complete its combination with cloud services firm Digerati (OTC:DTGI) from 10 am on Friday, May 26 until 2 pm on Wednesday, May 31. The SPAC disclosed that it expects to use this second postponement to allow for additional time...
OceanTech I (NASDAQ:OTEC) announced this morning that it will postpone its special meeting originally scheduled for today for 11:30 ET May 30. Shareholders are to meet virtually to consider extending OceanTech I’s transaction deadline from by up to one year from June 2 to June 2, 2024 in one-month increments. OceanTech I’s new sponsor has...
Latest Non-Redemption Agreements: Bridgetown Holdings Limited Bridgetown Holdings Limited (BTWN) Adds Non-Redemption Agreement Concurrently with the execution of Bridgetown’s (NASDAQ:BTWN) business combination, the sponsor entered into a non-redemption agreement with FWD Life Insurance Company, Limited and FWD Life Insurance Public Company Limited in exchange for them agreeing not to redeem an unspecified number of shares....