North Atlantic Acquisition Corp - Ordinary Shares - Class A

NASDAQ:NAAC   3:59:59 PM EDT
9.83
-0.01 (-0.10%)
Equity Financing / Related, Initial Public Offerings

Proximus' Subsidiary Telesign Intends To Go Public Via A Business Combination

Published: 12/17/2021 07:57 GMT
North Atlantic Acquisition Corp - Ordinary Shares - Class A (NAAC) - Said on Thursday That Its Fast-growing Subsidiary Telesign Intends to Go Public.
Enterprise Value of $1.3 Billion.
Via a Business Combination With North Atlantic Acquisition Corporation, a Publicly Traded Special Purpose Acquisition Company, Or Spac.
Transaction Implies a Pro Forma Telesign Enterprise Value of $1.3 Billion.
It is Estimated That Post-transaction, Telesign Will Have Approximately $437 Million in Net Cash on the Balance Sheet.
Proximus is Not Selling Any of Its Shares in the Transaction and Will Own 66.5% of the Combined Company Upon Completion of the Transaction .
Transaction is Governed Under US Law and Does Not Fall Under the Supervision of the Fsma.
The Transaction is Expected to Close in Q2 2022.
As Part of the Agreement, Naac Has Agreed to Relocate Its Country of Incorporation to the United States (delaware), a Firm Condition Which Will Be Fully Executed in Conjunction With the Closing of the Transaction.
Upon Closing, the Combined Operating Entity Will Be Renamed "telesign, Inc." and Will Continue to Be Led by Mr. Burton As Ceo, Along With His Experienced Management Team.
Shares of the Common Stock Are Expected to Trade on Nasdaq.