TH International Limited, the exclusive operator of Tim Hortons coffee shops in China announced that its business combination with Silver Crest Acquisition has closed.
The announcement follows a protracted effort to get this deal across the finish line after shareholder redemptions wiped out 96% of the SAPAC’s cash in trust. Silver Crest had allowed redeeming shareholders more time to reconsider their decision.
PIPE financing ultimately covered the deal’s $175 million minimum cash condition for closing. The SPAC’s sponsor had also agreed to forfeit 4.3 million promote shares and 4.45 million private placement warrants, which would go to non-redeeming investors. Tims China also has a deal with an investor who agreed to buy up to $100 million in stock of the combined company over three years after closing the SPAC merger.
The combined company will retain the TH International name. Sshares and warrants begin trading today on the Nasdaq under the symbols THCH and THCHW.
Founded by Cartesian Capital Group and Restaurant Brands International, Tims China opened its first store in Shanghai in 2019, and currently operates over 460 coffee shops across China. Read more.
