Software Acquisition Group II said its shareholders approved the proposed $307 million merger with Israel-based Otonomo Technologies, a platform and marketplace for vehicle data.
The SPAC in an 8-K filing said that 5,986,021 shares were redeemed at $10 per share ahead of the vote.
The combined company would have an estimated $1.4 billion pro forma equity value.
As announced in February, terms called for Otonomo to receive in excess of $307 million in cash comprised of Software Acquisition’s $172.5 million cash in trust (which assumed no redemptions by public stockholders), a fully committed $172.5 million PIPE comprised of $142.5 million primary and $30 million in secondary shares, and approximately $25 million of cash on hand. Read more.
