Hong Kong-based Hypebeast Limited, a platform for contemporary culture and lifestyle, and Iron Spark I today announced a definitive merger agreement. The transaction implies a pro forma enterprise value of $353 million. If approved, Hypebeast would acquire Iron Spark and become dual-listed on the Nasdaq and the Hong Kong Stock Exchange.
The merger with Iron Spark is expected to provide up to $180 million in total gross proceeds. The transaction will be funded by a combination of the SPAC’s cash held in trust, newly issued Hypebeast ordinary shares, and proceeds from a PIPE transaction.
Iron Spark I raised about $157 million in an IPO last summer.
Founded in Hong Kong in 2005 as a sneaker blog by now Executive Director, Chairman, and CEO Kevin Ma, Hypebeast claims a community of 26 million social media followers and 18 million monthly unique visitors to its digital platforms, acording to a news release. Tom Brady and Kevin Durant are among the backers.
Hypebeast uncovers emerging trends in culture and lifestyle (including fashion, art, sports, technology, and food) and creates an ecosystem for cultural discovery and connection. Comprised of three major divisions – HYPEMEDIA, an umbrella of online editorial and social media platforms; HYPEMAKER, an in-house creative production agency; and HBX, an e-commerce platform and omnichannel shopping destination – Hypebeast’s global readership spans 80+ countries across Asia, Europe, and the US. Read more.
