Tristar and merger partner Helport AI in an 8-K said they entered into subscription agreements for a $15 million PIPE as additional financing for their business combination.
The target is an AI technology company specializing in providing intelligent products, solutions, and a digital platform to improve communication efficiency between businesses and their customers.
The transaction is expected to provide up to $130 million in gross proceeds from cash held in Tristar’s trust account (assuming no redemptions). The parties have said their goal is to raise PIPE investments of approximately $25 million.
Tristar in December lowered the consideration on the proposed merger with Helport to $335 million from the $350 million at deal announcement in November.
The parties also eliminated the earnout provision based on revenue targets next year and in 2025.
Helport is registered in the British Virgin Islands with its operations based in Singapore. Read more.
