Mercato Partners Acquisition Corporation (MPRA) Expands Nuvini PIPE to $12.8M
by Nicholas Alan Clayton on 2023-09-28 at 7:48am

Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has tacked on $1.7 million more to the PIPE for its combination with Brazilian software firm Nuvini.

The move comes as its shareholders are to vote to complete the deal later today and adds to $11.1 million in PIPE funds it secured earlier this week. Both portions of the PIPE were struck at $10 per share.

The PIPE investors remain unnamed for now, but these moves cover the combination’s $10 million minimum cash condition. The SPAC has about $45.9 million in its trust going into the vote after seeing 81.3% of its shares redeemed in a February extension.

The two sides announced their $312 million combination shortly after that extension vote. Sao-Paulo-based Nuvini is a leading acquirer of business software firms in Brazil, counting seven companies in its portfolio.

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