S’pore superapp Grab will premiere on December 2 on the US Nasdaq in a $ 54 billion SPAC deal – Wired PR Lifestyle Story

Singapore’s Superapp Grab has been given the green light by shareholders for a special purpose acquisition company (SPAC) deal with listed company Altimeter Growth Corp and will be listed in the United States on Thursday (December 2nd).

An initial public offering (IPO) of $ 54 billion ($ 40 billion) through a SPAC merger was expected to take place later this year, Grab said earlier. The combined entity will begin trading on the Nasdaq under the name GRAB.

Grab’s valuation is the highest so far in the SPAC space, and the ride-hailing giant will receive about $ 6 billion ($ 4.5 billion) in cash.

An SPAC is a shell company that raises funds to acquire a private company, with the goal of getting the public out of the way, setting aside a traditional IPO for those purposes.

Green light for shareholders

Altimeter said in a statement that a majority of shareholders voted in favor of the deal and that almost not all shareholders voted in favor of a return of their shares.

Grab’s Class A shares will be traded as GRAB. Its Class B shares, entitled to 45 votes per share, will be held by management, giving about 60 percent of the voting rights.

Grab and Altimeter announced the SPAC deal in April this year, Near the time of the SPAC boom, but had to delay the completion of the merger to carry out the audit checks required by the U.S. Securities and Exchange Commission (SEC).

Third-quarter results were driven by Covid-19 cuts

The vehicle company posted $ 988 million in losses in its third quarter, a year ago, of more than $ 621 million. Revenue fell nine percent to $ 157 million as a result of the impact of the pandemic cuts.

Take it recently he faced a break it lasted more than two days in its application caused by system update issues.

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