Modulex Modular Buildings, a UK-based, globally focused “ConstrucTech” manufacturer of modular buildings and PHP Ventures Acquisition today announced a definitive business combination agreement at a $600 million valuation.
If approved, Modulex expects to be listed on the Nasdaq under the symbol MDLX.
The combined company would have an approximate post-transaction equity market cap of $723 million assuming a $10 per share price, no redemptions and completion of an additional $30 million of financing. The SPAC holds about $58.1 million in its trust account.
The business combination will facilitate funding for five factories across South Korea, Vietnam, Brazil, Egypt and the US, positioning Modulex to roll out a further 15 factories across emerging markets.
Modulex manufactures Carbon Net Zero certified, advanced 3D volumetric steel modular buildings embedded with EmergingTech such as AI, Blockchain and IoT – Modular Buildings 2.0. Modular Building 2.0 that allows for fast optimized design in minutes, traceable quality assurance, live monitoring utilizing IoT, and certified carbon net zero buildings. Read more.
