Golden Path Acquisition in an 8-K filing said its shareholders voted in favor of combining with MC Hologram, a China-based company engaged in hologram technology.
The SPAC said 2,178,172 shares were tendered for redemption, or almost $22 million. The SPAC raised $50 million in a June 2021 IPO and later announced plans to issue another 44,554,455 shares.
At closing, the new company will be named MicroCloud Hologram.
The merger is structured as a stock for stock transaction and is intended to qualify as a tax-free reorganization.
As announced in September 2021, terms provide for a valuation of MC and its subsidiaries and businesses of $450 million. Based upon a per share value of $10.10 per share, MC stockholders will receive approximately 44,554,455 ordinary shares of Golden Path which will represent approximately 84.07% of the combined outstanding shares following the closing, although those figures assumed no redemptions by the Golden Path stockholders as well as conversion of all Golden Path outstanding rights into 602,050 ordinary shares.
The 8-K filing did not say when the deal is expected to close. Read more.
