S-4 Filing

The SPAC has already scheduled a June 4 meeting for its stockholders to vote on a merger agreement with Veea, a cloud computing company. 

The deal with the Korean entertainment company was announced last June. The SPAC in March reduced the base value of the merger consideration from $610 million to $590 million.

Shanghai-based Gamehaus is a technology-driven mobile game publishing company that partners with small- and medium-sized game developers.

The SPAC raised $100 million in a December 2021 IPO with plans to focus on acquiring a business in Asia, although the company has not specified any sectors.

Valuence I lost more than two-thirds of its shares outstanding to redemptions in connection with the last extension vote a year ago. The SPAC completed a $200 million IPO in March 2022.

The prospectus calls for the issuance of 60 million shares to Thunder Power. Terms also include up to 20 million earnout shares that would vest in two tranches if certain financial thresholds are reached over the next two years.

The SPAC announced last August it had signed a letter of intent for a deal with a Latin American biofuels company, but there has been no further news.

The SPAC has yet to announce a deal following a March 2022 IPO.

The SPAC in February 2023 lost more than 88% of its trust (nearly $156 million) to redemptions on an earlier extension vote. Another round of redenmptions last August removed nearly $3.4 million more from the trust. Springwater originally raised $150 million in an August 2021 IPO.

Founded in 2014, Veea offers edge-to-cloud computing with its VeeaHub smart computing hub products