CHW Acquisition Corp. (NASDAQ:CHWA), which saw its combination with pet-services marketplace Wag approved on July 28, announced a new forward purchase agreement to add financing.
This will keep about $24.6 million with the post-combination company as holders of 2,393,378 shares have agreed to sell these to CHW for $10.30 on the three-month anniversary of the deal’s close rather than redeem them for the pro rata trust amount.
These investors – Milton Arbitrage Partners, MMCA International, Nautilus Master Fund, and Polar Multi-Strategy Master Fund – may still sell these shares on the open market, in which case the combined company will receive $10.30 for each share sold. The capital required to execute these purchases will be held in escrow by Continental.
At CHW’s initial completion vote, about 97.8% were redeemed 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. But, this move will keep more cash with the company and avoid a low-float situation in the near term.
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.


McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....