Bridgetown Holdings in an 8-K said it entered into a deed of irrevocable undertakings with FWD Life Insurance Company, Limited and FWD Life Insurance Public Company Limited.
In return for their agreement not to redeem shares in connection with the SPAC’s proposed acquisition of MoneyHero, the FWD parties would be paid an annual return of 5% on their shares in the combined company. The FWD parties would also be compensated for any if it sells shares for less than $10. In both cases, the compensation would last five years.
The filing does not state the number of shares covered by the agreement.
Bridgetown is backed by Richard Li and Peter Thiel.
The SPAC yesterday announced a merger agreement with MoneyHero at a pre-money enterprise value of $200 million and an equity value of approximately $198 million. The combined company will have a post-transaction enterprise value of $342 million assuming no redemptions.
All MoneyHero existing shareholders, including PCCW, FWD, and Goldman Sachs will roll 100% of their equity into the combined company.
Founded in 2014 and dual-headquartered in Singapore and Hong Kong, MoneyHero Group, formerly known as Hyphen Group or CompareAsia Group, is a personal finance aggregation and comparison company operating in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia. Read more.
