CHW Acquisition said its stockholders voted in favor of the business combination with Wag Labs, a pet services marketplace, although redemptions wiped out virtually all of the cash in trust.
The SPAC said 83.19% of outstanding shares participated in the vote, while 94.6% of the votes cast were in favor of the deal.
CHW noted that 12,222,922 ordinary shares, or 97.78% of all outstanding public shares, were redeemed, leaving about $2.8 million in trust. However, the SPAC secured a $30 million term loan and $16 million PIPE in support of the deal — more than enough to satisfy the $30 minimum cash condition.
As announced in February, the deal had a pro forma enterpirse value of $350 million and was originally expected to deliver $175 million to Wag, which offers a mobile technology platform that enables on-demand and scheduled dog walking, training, and other pet care services.
At closing, once all conditions are satisfied or waived, stock and warrants are set to begin trading on the Nasdaq under the new ticker symbols PET and PETW. Read more.
