Bayview Acquisition filed the complete merger agreement with Oabay, a provider of credit digital transformation solutions based in China.
Announced earlier this week, the deal is expected to close in late 2024 at an implied initial enterprise value of approximately $393 million. If approved, Oabay would trade on the Nasdaq.
Terms call for Oabay shareholders to receive $300 million in stock. Oabay, in turn, agreed to try to riase at least a $15 million PIPE.
Oabay said it will attempt to obtain PIPE financing of at least $15 million.
Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services. Leveraging and building upon its experience in accounts receivable factoring and enterprise credit digitalization for small-to-medium-sized enterprises, Oabay offers supply chain financing to critically and strategically positioned companies, and optimizes the process to produce credit assets within supply chains for financial institutions and other companies with improved efficiency and savings. Oabay has more than ten years of operating history.
Bayview raised $60 million in a December IPO.
Winston & Strawn is serving as legal advisor to Bayview, Han Kun Law Offices and Ogier are serving as PRC and Cayman legal advisors to the SPAC, respectively. Hunter Taubman Fischer & Li is legal advisor to Oabay, Yingke Law Firm and Ogier are serving as PRC and Cayman legal advisors to Oabay. Read more.
