After Prenetics completes the SPAC merger, it will turn out to be the primary billion-dollar start-up in Hong Kong to go public.
Hong Kong’s chief in digital well being and genetic testing Prenetics Ltd is planning to conduct a SPAC merger with Artisan Acquisition Corp (NASDAQ: ARTA), Cayman Islands-based particular objective acquisition firm. In response to these acquainted with the matter, the deal will convey the valuation of a brand new entity to $1.3 billion. The transaction will probably be accomplished later this yr.
Neither Prenetics nor Artisan Acquisition commented on the announcement. Nonetheless, it’s recognized that throughout the deal, Prenetics will get the $339 million raised within the SPAC. It’ll additionally get one other $60 million in PIPE financing. UBS Group AG (SWX: UBSG), Citigroup Inc. (NYSE: C), Credit Suisse Group AG (NYSE: CSGN), and CICC will act as monetary advisors on the transaction.
Notable, after Prenetics completes the SPAC merger, it will turn out to be the primary billion-dollar start-up in Hong Kong to go public.
SPAC mergers as alternate options for corporations that need to go public have turn out to be fairly common currently. In a SPAC merger, a SPAC agent (or clean test firm) raises capital via an initial public offering (IPO) for the aim of buying an present working firm. Subsequently, an working firm can merge with (or be acquired by) the publicly traded SPAC and turn out to be a listed firm in lieu of executing its personal IPO. As compared with conventional IPOs, SPAC mergers present larger market certainty and extra versatile deal phrases, in addition to extra entry to capital.
Prenetics is a well-known biotech firm that focuses on digital well being and genetic testing. With over $60 million in funding from 500 Startups, Past Ventures, and extra, Prenetics at present operates in 10 places of work globally. It has places of work in London, Singapore, Hong Kong, and others. Thus far, Prenetics has carried out greater than 4,000,000 COVID-19 checks and over 400,000 DNA checks worldwide.
The CEO of the corporate is Danny Yeung. He’s a serial entrepreneur who led a number of investments in DNA Genetic testing corporations as Founding Companion/Investor at SXE Ventures earlier than beginning Prenetics.
About Artisan Acquisition Corp
Artisan Acquisition Corp is a clean test firm with headquarters in George City, Cayman Islands. It was fashioned for the aim of getting into right into a merger, share trade, asset acquisition, share buy, reorganization, or comparable enterprise mixture with a number of entities.
In Could this yr, Artisan Acquisition accomplished a $300 million IPO. In addition to, the corporate has signed a complete of $60 million ahead buy agreements with two respected institutional buyers, Aspex and PAG. With the funds Artisan Acquisition raised, it determined to focus on international healthcare, expertise, and shopper corporations. As we see, it has began implementing this technique. Prenetics has turn out to be the primary firm Artisan Acquisition has reached.
Daria is an financial scholar within the growth of recent applied sciences. She is keen to know as a lot as potential about cryptos as she believes they’ll change our view on finance and the world generally.