CHW Acquisition Corp. (NASDAQ:CHWA) announced in a press release this afternoon that its shareholders have approved its combination with dog-care service platform Wag at a special meeting held earlier today.
A total of 13,050,501 ordinary shares, or 83.19% of CHW Acquisition Corporation’s issued and outstanding ordinary shares, were present at today’s meeting. The transaction was overwhelmingly approved as holders of 12,346,984 ordinary shares, or 94.6% of the votes cast at the meeting, voted in favor of the deal.
But, CHW’s public stockholders holding 12,222,922 ordinary shares, or 97.78% of all outstanding public shares, elected to redeem their shares leaving approximately $2.8 million in the trust account. CHW brought a $16 million PIPE at $10 per share and a $30 million term loan alongside its trust into the deal, covering the $30 million minimum cash condition.
The business combination is expected to close shortly, and the common stock and warrants of the combined company are set to begin trading on Nasdaq under the new ticker symbol, “PET” and “PETW”, respectively.
The parties announced the $350 million deal on February 3, 2022. San Francisco-based Wag manages a pet services marketplace operating in 4,600 cities in all 50 US states and has booked 11 million dog walks or other pet services to date.
ADVISORS
- Oppenheimer & Co. Inc. is acting as lead financial advisor and capital markets advisor to Wag!.
- Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to Wag!.
- Chardan is serving as M&A and Financial Advisor to CHW.
- McDermott, Will & Emery LLP is acting as legal counsel to CHW.
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