Pet Services Firm Wag Labs To Be Taken Public In A US$350 Million SPAC Merger
Wag Labs, Inc., also known as Wag!, has announced a business combination agreement with special purpose acquisition company CHW Acquisition Corporation (Nasdaq: CHWA). The transaction values the combined company at a pro forma equity value of US$350 million.
The combined company, expected to operate under Wag! Group, is projected to have US$175 million in gross proceeds assuming no redemptions transpire. It also plans to trade on the Nasdaq Capital Market under the symbol “PET”.
“We are transforming the fragmented and largely offline pet wellness and services industries through our vertically integrated mobile-first technology platform,” said Wag! CEO Garrett Smallwood. “This deal will provide us with the funds to further fuel our growth.”
The pet company’s existing shareholders will hold approximately 65% of the shares of the combined company upon closing, which is expected to be by Q2 2022 upon securing shareholders’ approval. Both companies’ boards have already approved the proposed merger.
The blank check firm conducted its US$110 million IPO in September 2021. According to its prospectus, it intended to pursue a business combination within the consumer, health and wellness, or retail sector.
CHW Acquisition last traded at US$9.79 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.
