Gesher I Acquisition in a news release said it secured a $10 million backstop commitment from Composite Analysis Group, an affiliate of Safer Logistics.
The proactive committment (Gesher does not yet have an acquisition target), comes on the heels of the SPAC’s amended $40 million forward purchase agreement with M&G (Japan Equity Fund, which is managed by M&G Investment Management Limited. M&G in March also committed $10 million to a backstop agreement with the SPAC.
In exchange for the latest backstop commitment, at the closing of a business combination, Gersher I has agreed to issue and sell to Composite 1 million ordinary shares at $10 each and 100,000 warrants.
Gesher I raised $100 million in an IPO last October. The SPAC intends to focus on target businesses located in Israel, particularly those conducting business internationally in Asia, Europe or North America. Read more.
