Ascotway Ltd, operating as Eco Modular, and Zalatoris II Acquisition announced a definitive business combination agreement to combine at a $600 million enterprise value.
The anticipated closing is set for the first quarter of 2024, subject to regulatory approvals and customary conditions.
The deal has a pro forma market capitalization of approximately $666 million, assuming a $10 per share price and no redemptions by Zalatoris II stockholders. The transaction is expected to provide a minimum of $66 million in net proceeds after transaction expenses, again, assuming no redemptions.
Arthur Cox and Calabrese Consulting are serving as legal counsel and financial advisor to Eco Modular. Nelson Mullins Riley & Scarborough, and Meteora Capital are legal counsel and M&A advisor to Zalatoris II. Read more.
