Commerce-as-a-Service provider Nogin and Software Acquisition Group III announced today that the SPAC has obtained commitments for $60 million in convertible note financing, led by funds managed by UBS Asset Management’s Hedge Fund Solutions business and including commitments from Tenor Capital Management and Jonathan Huberman, CEO of SWAG III.
The PIPE financing is anticipated to fund concurrently with the closing of the proposed business combination of Nogin and SWAG III as expected in the second quarter, subject to stockholder approval.
As announced in February, the combined company is expected to have an estimated post-transaction enterprise value of $646 million, which assumes zero redemptions. Cash proceeds from the transaction will consist of up to $211 million of cash held in SWAG III’s trust account (before redemptions and expenses) plus the PIPE. Read more.
