一淘国际集团将通过SPAC与Mountain Crest收购合并上市

08:52 AM EST, 01/28/2022 (MT Newswires) -- ETAO International Group has agreed to go public through a merger with blank-check firm Mountain Crest Acquisition Corp. III (MCAE) in a deal that values ETAO at a pro forma fully diluted enterprise value of about $2.5 billion, the companies said Friday.

Existing shareholders of digital healthcare company ETAO will roll over 100% of their equity into the combined company, which will operate as ETAO with its shares expected to be listed on the NYSE under the symbol "ETAO."

Assuming no redemptions by Mountain Crest shareholders, the transaction is expected to generate cash proceeds of up to $304 million, including a fully committed $250 million private investment in public equity at $10 per share from China SME Investment Group and up to $54 million of cash held in Mountain Crest's trust account.

ETAO International said it also received commitments through a separate private placement of $51 million expected to close before Feb. 15.

The merger is expected to close this summer, subject to approval from shareholders of both companies and other customary closing conditions.

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