SPAC Angel Pond Holdings filed a preliminary proxy on its proposed merger with opensource data software company MariaDB. The transaction implies a pro forma enterprise value of approximately $672 million.
A vote date was not included in the filing.
The transaction is expected to provide up to $317 million of net cash proceeds (inclusive of transaction fees and debt repayment), comprised of Angel Pond’s $265 million of cash held in trust, assuming no shareholder redemptions, the Series D Preferred financing, and a $18 million fully committed PIPE.
A $104 million private placement of Series D Preferred shares of MariaDB closed concurrently with the deal announcement in January, with a $43 million commitment from existing investors and $27 million from an affiliate of Angel Pond’s sponsor. The Series D Preferred shares will ultimately convert into the right to receive ordinary shares of the combined company.
Angel Pond was co-founded by Theodore T. Wang, a former partner at Goldman Sachs, and Shihuang “Simon” Xie, a co-founder of Alibaba. Read more.
