Mergers & Acquisitions ·
Quantumsphere agrees to merge with Fortune Favor in $600M pre-money equity valuation deal
QUMSQuantumsphere Acquisition Corp
Quantumsphere Acquisition Corporation entered into an Agreement and Plan of Merger with Fortune Favor Technology Inc. under which Quantumsphere will merge into its subsidiary, Purchaser, and a merger sub will merge into Fortune Favor. The transaction implies a pre-money equity value of approximately $600 million for Fortune Favor. Each outstanding ordinary share of the Company will be cancelled in exchange for Purchaser Ordinary Shares valued at $10.00 per share. The proposed business combination is subject to customary closing conditions, including shareholder approvals and SEC effectiveness of the registration statement. Quantumsphere Acquisition Corporation operates as a special purpose acquisition company focused on effecting a merger with one or more businesses.