WAG Labs同意以3.5亿美元收购SPAC与CHW合并

09:23 AM EST, 02/03/2022 (MT Newswires) -- Wag Labs has agreed to go public through a merger with blank-check firm CHW Acquisition (CHWA) in a deal that carries a pro forma enterprise and equity value for the merged entity of about $350 million, the companies said Thursday.

Wag Labs offers a mobile app that provides access to a range of pet services such as dog walking and training.

Assuming no redemptions from CHW shareholders, the transaction will generate about $175 million in gross cash proceeds for the combined company, which is expected to be named Wag! Group upon closing with shares listed on the Nasdaq under the symbol "PET."

Wag Labs and CHW said they expect to meet the minimum cash condition based on debt and equity financing commitments for the deal. The new financing is being funded by current Wag and CHW investors with equity investments and commitments at $10 per share.

CHW has also obtained commitments for $30 million in debt financing from Blue Torch Capital.

The company will continue to be led by Wag Labs Chief Executive Officer Garrett Smallwood and President and Chief Product Officer Adam Storm.

Wag Labs' existing shareholders will hold about 65% of the combined company's shares at closing, which is expected in Q2, subject to approval from CHW shareholders. The companies said they plan for shares in the combined company to be granted to select pet caregivers.

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