Shareholders of Temasek-backed Vertex Technology Acquisition Corporation (VTAC) have voted to merge with Taiwanese live-streaming platform 17Live to become Singapore’s first special purpose acquisition company, or Spac, to acquire a target.
At an extraordinary general meeting (EGM) on Dec 1, 95.53 per cent of VTAC shareholders voted for the deal. The meeting, which began at 2pm, was over within an hour.
VTAC will acquire 17Live for around $800.8 million through the issuance of around 162 million new shares at $5 each. If 17Live hits a set financial target, an earnout of 24.4 million new shares at $5 each will be allotted to applicable shareholders, amounting to $122 million. This would take the total acquisition value to a maximum of $922.9 million.
Separately, ahead of the EGM, VTAC shareholders redeemed about 62.53 per cent of the Spac’s share capital.
VTAC shares will resume trading on Dec 4. The counter last traded at $4.79 on Nov 24. Dec 8 will mark the completion of the acquisition and VTAC will begin trading as 17Live Group at 9am on that day.
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