Azerion Holding, a digital entertainment and media company, and European FinTech SPAC EFIC1 closed their business combination effective Feb. 1.
Azerion Group begins trading today on Euronext Amsterdam under new ticker symbols AZRN and AZRNW.
More than 95% of the votes cast by EFIC1’s shareholders were in favor of the deal, the SPAC said.
The business combination resulted in approximately €93 million ($105.1 million) of gross total primary cash proceeds, including approximately €70 million of funds from the EFIC1 escrow account (net of negative interest and after effectuation of the share repurchase arrangement) complemented by a sponsor and co-investor commitment of €23.15 million. With the completion of the business combination, Azerion Group received approximately €56 million of net primary cash proceeds. Read more.
