Digital Ally and Clover Leaf Capital today announced the filing of a registration statement with the SEC, outlining the SPAC’s proposed combination with Kustom Entertainment, a wholly-owned subsidiary of Digital Ally.
As announced in June, the combined company is expected to have an implied initial pro forma equity value of approximately $222.2 million, with the proposed business combination expected to provide the $18.1 million remaining in the SPAC’s trust, assuming no further redemptions.
Maxim Group served as exclusive financial and capital markets advisor to Kustom Entertainment. Sullivan & Worcester is legal counsel to Kustom Entertainment and Ellenoff Grossman & Schole is serving as legal counsel to Clover Leaf.
Kustom Entertainment is comprised of TicketSmarter and Kustom 440, both currently wholly owned subsidiaries. Both TicketSmarter and Kustom 440 plan to combine their management teams and focus on concerts, entertainment and garnering additional ticketing partnerships.
Originally focused on cannabis companies, Clover Leaf raised $125 million in a July 2021 IPO. Read more.
