Abri SPAC I in an 8-K said it made a fourth amendment to the merger agreement with DLQ, a provider of digital consumer acquisition solutions and wholly-owned subsidiary of Logiq.
The amendment increases the number of dividend shares to be issued to DLQ stockholders at deal closing from 25% of the merger consideration shares to 33%. Additionally 14% of the aggregate merger consideration shares will be distributed to certain DLQ investors. The SPAC saaid 53% of the merger consideration shares will be subject to lock-up.
Announced almost a year ago, the transaction had been expected to close in the first quarter of 2023. DLQ was valued at $114 million at that time.
The SPAC raised just over $57 million in an August 2021 IPO. As of July this year, Abri I held approximately $13.8 million in trust.
DLQ is a U.S.-based provider of e-commerce and digital customer acquisition solutions by simplifying digital advertising. It provides data-driven, end-to-end marketing. Read more.
