Rally Communitas, a technology company for mass mobility in the United States doing business under the “Rally” and “OurBus” brands, and Americas Technology Acquisition today announced a definitive business combination agreement. The transaction values Rally at pro forma enterprise value of $208 million.
If approved, the combined entity will be renamed Rally Mobility and list on the NYSE under the symbol RLLY.
The aggregate value of shares to be issued to Rally stockholders at closing is expected to be approximately $165 million. Rally stockholders may also receive up to an additional 4.5 million shares of Pubco common stock upon the achievement of certain revenue and share price targets during the post-closing earnout period.
Non-redeeming ATA shareholders and investors who subscribe for PIPE shares will receive contingent value rights entitling them to certain down-side price protection and a premium return, subject to trading prices of the merged company’s common stock during an 18-month period after the closing.
Rally provides a single platform to commercialize idle and fragmented regional private bus capacity. Rally creates demand for fleet owners by aggregating riders seeking to travel between cities and to special event locations like sports arenas and rock concerts. Rally’s marketplace includes 3,000 small businesses that each own approximately 10 buses. Read more.
