Freight Payment Platform Freightos To Be Taken Public In A US$435 Million SPAC Merger
Freight booking and payment platform Freightos Limited is looking to debut on the Nasdaq after completing its business combination with special purpose acquisition company Gesher I Acquisition Corp. (Nasdaq: GIAC). The transaction values the combined company with an equity value of approximately US$500 million and an enterprise value of US$435 million.
“Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice,” said Freightos CEO Zvi Schreiber.
The transaction is expected to gross at least US$80 million and up to US$166 million depending on redemptions. While it has the approval of both of the company’s boards, it still needs to secure nods from the shareholders and regulators.
Existing shareholders in Freightos–which includes SGX Group, FedEx Corporation, and Qatar Airways–are expected to own 78% of the resulting merger. Schreiber is slated to head the combined company as the CEO while Gesher CEO Ezra Gardner gets a seat on the board.
Following the closing of the transaction, the SPAC, soon to operate as Freightos, will trade on the Nasdaq under the symbol “FROS”.
Gesher I Acquisition last traded at US$9.86 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.