Arogo Capital Acquisition Merging with EON Reality in $655M Deal

Arogo Capital Acquisition announced today that it has entered into a definitive business combination agreement with EON Reality, a global company engaged in virtual and augmented reality, and knowledge Metaverse industry and education solutions. The transaction reflects an implied pro-forma enterprise value at closing of approximately $655 million, assuming no redemptions of SPAC shares.

If approved, upon closing EON Reality, will be led by CEO Dan Lejerskar, founder, chairman and CEO of the company.

EON Reality will apply to list on the Nasdaq under the symbol EOXR and its warrants, if any, under the symbol EOXRW. The deal is expected to provide EON Reality with approximately $101 million in cash, assuming no redemptions and before the payment of transactional fees and expenses. The acquisition has been unanimously approved by the board of directors of Arogo.

EON Reality developed and launched EON-XR, a SaaS-based platform dedicated to the democratization of XR content creation that brings code-free XR development and publishing to smartphones, tablets, laptops, and any other XR-focused devices, according to the news release annoucing the merger. EON-XR can be used in devices of different sizes, in different shapes and at different types of locations: from hand-held mobile devices, to head-mounted displays, to large-scale screens, and even at mega-size facilities. EON Reality’s global network now comprises of more than 1.1 million licenses who are collectively building the Knowledge Metaverse in more than 100 locations.  

The transaction is expected to close by the second half of 2022. Read more.

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