Australian technology company Security Matters announced plans to merge with Lionheart III andtrade on the Nasdaq with an expected valuation of $360 million.
The value reflects an implied pre-money valuation of the company on the Australian Stock Exchange (ASX) of $200 million and is anticipated to generate proceeds of up to approximately $116 million, assuming no redemptions by Lionheart’s stockholders. The deal is expected to close in the fourth quarter.
If the deal is approved, the combined enterprise would list on the Nasdaq via a newly-formed Irish company to be named SMX Public Limited. Upon closing, shares and warrants of SMX Ireland are expected to trade on the Nasdaq under the new ticker symbols SMX and SMXW. Security Matters would delist from the ASX.
As reported in May, while mulling the merger Lionheart III was said to be discussing a PIPE with potential backers, although the merger announcement makes no mention of private equity funding. The SPAC raised $115 million in an IPO last November.
According to a press release, through Security Matters’ “white-label B2B offerings, the future of a sustainable world is able to be created by narratives that connect tangible, sustainable, ESG practices with the brand’s transparent traceability strategy, designed to create a profitable lifetime relationship with its customers that is circular rather than linear or transactional.” Read more.
