Evo Acquisition in a preliminary proxy filing seweks shareholder approval to push its merger deadline back from February to Aug. 8 2023.
The SPAC it needs more time to complete its deal with 20Cube Logistics Pte. Ltd., a Singapore-based software-enabled international supply chain orchestrator.
Announced last month, the deal has an implied initial enterprise value of approximately $338 million.
If approved, the combined company will receive up to $135 million in net cash proceeds immediately after closing, assuming a proposed $20 million subordinated convertible note investment by affiliates and relationships of Evolution Capital Management is finalized. Additionally, Evo Fund and some of its affiliates have delivered a term sheet outlining an equity line for $75 million in the combined company’s ordinary shares. The term sheet would enable the merged company to sell and issue up to $75 million in ordinary shares to Evo Fund over a period of 36 months.
20Cube is a software-enabled international supply chain orchestrator from purchase order to point of delivery, with a technology-driven, proprietary system and key presence at over 60 locations in Asia, Australia and East Africa. 20 Cube has over 600 employees. Read more.
