Silver Crest (NASDAQ:SLCR) announced that it has closed its transaction with coffee shop chain Tims China after an extended process.
The SPAC originally held its completion vote on August 19, but opted to give shareholders additional time to reconsider after they initially opted to redeem 99% of shares. Silver Crest released revised figures last week showing that redemptions were reduced to 95.9%.
The combined company’s shares and warrants are now expected to begin trading on the Nasdaq under the symbols “THCH” and “THCHW”, respectively, later today, September 29.
The deal, which was initially valued at $1.79 billion, but later reduced to $1.4 billion during an amendment in March, was announced on August 16, 2021. TH International is the exclusive operator of Tom Hortons (NYSE:QSR) coffee shops in China and recently announced an agreement to co-produce coffee products to sell in Easy Joy’s 27,800 stores with options to locate Tims coffee shops in these locations.
The chain boasts about 9 million loyalty members and expects to have a network of 2,750 in operation by 2026. The deal is expected to provide Tims China about $200 million in proceeds to pursue this growth via a combination of a PIPE and committed share facility.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....