PHP Ventures Acquisition filed an investor presentation on its proposed merger with Modulex Modular Buildings, a UK-based, globally focused “ConstrucTech” manufacturer of modular buildings. The deal was announced in December 2022 at a $600 million valuation. The transaction is now expected to close in Q2, subject to shareholder approval.
If approved, Modulex expects to be listed on the Nasdaq under the symbol MDLX.
Proceeds consist of the SPAC’s $2.8 million in trust (based on a 70% redemptions assumption) plus a $105.3 million PIPE, according to the presentation. PHP indicated it may try to raise up to $200 million via a PIPE.
TRansaction stock issued to Modulex shareholders would be subject to a two- to three-year lockup.
The business combination will facilitate funding for five factories across South Korea, Vietnam, Brazil, Egypt and the US, positioning Modulex to roll out a further 15 factories across emerging markets.
Modulex manufactures Carbon Net Zero certified, advanced 3D volumetric steel modular buildings embedded with EmergingTech such as AI, Blockchain and IoT – Modular Buildings 2.0. Modular Building 2.0 that allows for fast optimized design in minutes, traceable quality assurance, live monitoring utilizing IoT, and certified carbon net zero buildings. Read more.
