Fat Projects Acquisition in an 8-K laid out additional details of its proposed merger with Avanseus Holdings, including plans to raise up to $35 million in a PIPE to support the deal. The SPAc may also issue up to 1 million shares in private placements for a support pool.
Both companies are based in in Singapore. Their business combination agreement would give Avanseus a pro forma enterprise value of approximately $135.7 million. If approved, upon closing the combined company is expected to continue trading on the Nasdaq under a new ticker symbol.
Fat Projects raised $100 million in an October 2021 IPO.
Avanseus specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing. It has developed a suite of artificial intelligence-based proprietary algorithms that continuously analyze relevant data and is currently focused on predictive operations and maintenance software, primarily in the telecommunications sector. Avanseus solutions are deployed in Asia, the United Kingdom, Europe, and South America. Read more.
