Globalink Investment announced that it caused to be deposited $60,000 into trust to extend the deadline to complete its initial business combination from June 9 to July 9. This is the 12th extension since the company closed its IPO in December 2021, and the 7th of 12 extensions available under the governing documents currently in effect.
Globalink has a deal in hand with Alps Global. Terms include $1.6 billion in new stock for the target’s investors.
Founded in 2017, Alps is a Malaysian developer of personalized medicines. The company has evolved into an integrated platform consisting of biotechnology research, medical and wellness portfolios aiming to deliver personalized, precise and preventive medicine.
In addition to cash in the SPAC’s trust following any redemptions, Globalink expects to support the deal with a PIPE that would close concurrently with the merger.
Pending approvals, the combined company will be named Alps Life Science and is expected to list on the Nasdaq.
The transaction includes an earn-out provision permitting Alps shareholders to receive up to 48 million additional shares when the business meets certain incremental milestones for consolidated revenue through five fiscal years following completion of the merger. All Alps shareholders will roll 100% of their equity into the new company.
After raising $100 million in a December 2021 IPO, Globalink began pursuing targets in North America, Europe, South East Asia, and Asia (excluding China, Hong Kong and Macau) in the technology industry, specifically within the e-commerce and payments sectors. Read more.
