Genesis Growth Tech Acquisition and NextTrip Holdings today announced a merger agreement that would lead to the travel technology incubator becoming publicly traded on the Nasdaq if the deal is approved.
Based in Sunrise, Florida, NextTrip specializes in using proprietary technology, analytics, and strategic partnerships to provide travel solutions in leisure, wellness, and business travel.
Financial details of the proposed transaction were virtually nonexistent in the press release announcing the deal, and the SPAC as of this afternoon has not filed information about the merger with the SEC.
Genesis Growth’s trust account was nearly obliterated by redemptions two months ago during an extension vote.
NextTrip recently completed the acquisition and integration of a scalable travel booking engine that, prior to the COVID-19 pandemic, had a 6 million+ legacy customer data base and that generated over $400 million in bookings in 2019.
Existing shareholders of NextTrip will exchange 100% of their holdings for equity in the SPAC in connection with the merger.
The transaction is expected to be completed in the second half of 2023.
Genesis Growth in March terminated a proposed merger with Biolog-id by mutual agreement. The former target is a digital health solution provider focusing on value-chain optimization. That deal had an equity value of $312 million.
Genesis Growth held approximately $257.1 million in trust when the deal was announced in August.
Genesis Growth Tech raised $220 million in a December 2021 IPO.
Shareholders awarded the SPAC an extension from March 13 to Sept. 13, although redemptions wiped out 99.6% of the trust, which at the time of that vote stood at just over $1 million. Read more.
