Definitive Agreement with SMAAASH Entertainment
I-AM Capital announced their business combination today with SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual reality gaming and sports entertainment company, headquartered in Mumbai, India.
Per their press release….
“SMAAASH presently owns and operates over 30 family entertainment centers across India. SMAAASH which is currently going through a global expansion, owns an entertainment center in the Mall of America, Minneapolis, USA, and is in the process of opening in Dubai center which is expected this quarter. SMAAASH has a market leader position in India, and is experiencing rapid growth, expecting to grow to around 60 centers within the next two years. SMAAASH is also actively expanding to other countries including Saudi Arabia and Thailand. In fact, SMAAASH is the amongst the first such entertainment companies to be invited under Saudi Arabia’s Vision 2030, to set up a world-class entertainment center in Jeddah. Globally, SMAAASH’s entertainment centers cover an area of over 750,000 square feet, and have entertained around 5 million customers to date.”
The announcement states that the transaction values SMAAASH at an Enterprise Value of approximately $200 million with I-AM Capital retaining 24.5% ownership interest in SMAAASH. I-AM Capital raised $52.7 million in its IPO and the 24.5% ownership assumes the full $49 million is invested (no redemptions and net closing fees and expenses).
Additional analysis forthcoming as soon as additional information is available.
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...