Genesis Growth Tech Acquisition announced today it has signed a Memorandum of Understanding for a proposed merger with Biolog-id, a digital health solution provider focusing on value-chain optimization. The deal has an equity value of $312 million.
If approved, the closing is expected in the first quarter of 2023. Biolog-id would list on the Nasdaq under the new ticker symbol BGID.
Genesis Growth holds approximately $257.1 million in trust. The press release announcing the MoU did not mention any other funding sources.
The anticipated cash resources available to the combined company, less any redemptions, will be used to advance Biolog-id’s value chain optimization platform for blood products and other biologics, the companies said.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Charles Russell Speechlys and Carey Olsen are serving as legal counsel to Biolog-id. O’Melveny & Myers LLP, Allen & Overy LLP and Conyers Dill & Pearman LLP are legal counsel to Genesis Growth Tech. Read more.
