Nebula Caravel Acquisition set a July 28 meeting for shareholders to vote on the SPAC’s proposed merger with online pet-sitting marketplace A Place for Rover. The SEC has declared the S-4 registration statement effective.
If approved, upon closing the combined company will be renamed Rover Group and remain Nasdaq-listed under ROVR.
The transaction values the combined company at an enterprise value of $1.35 billion and is expected to provide approximately $325 million in gross cash proceeds. As part of the transaction, additional investors have committed to participate through a $50 million PIPE of common stock.
Nebula Caravel is sponsored by True Wind Capital.
Founded in 2011 and based in Seattle, Rover is billed as “the world’s largest online marketplace for pet care.” Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, drop-in visits, and grooming. Read more.