Powermers Smart Industries, Inc., A Global Green-Powered Solutions Company, To Be Publicly Listed Through A Business Combination With OCA Acquisition Corp.
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Powermers Smart Industries, Inc. (PSI) is set to go public through a business combination with OCA Acquisition Corp. (OCAX). The transaction is expected to close in 2024, with the combined company to be listed on Nasdaq under the symbol PSII. PSI focuses on green-powered technology solutions for the commercial transportation and industrial equipment industries. The business model includes partnerships across the value chain, offering green equipment technology solutions and services. The pro forma equity value of the combined entity is estimated at $2 billion, with all PSI stockholders rolling their equity into the new company. The deal includes investments of up to $8 million in convertible promissory notes and an additional $2 million PIPE investment from OCAX's sponsor.
December 22, 2023 | 1:34 pm
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OCA Acquisition Corp. (OCAX) is entering a business combination with PSI, which will result in PSI going public and being listed on Nasdaq under the symbol PSII. The transaction is expected to close in 2024, and OCAX's current shareholders will convert their shares into the new company's stock.
The announcement of a business combination typically leads to increased investor interest and potential short-term price appreciation for the SPAC involved, in this case, OCAX. The transaction details and the future prospects of the combined company are likely to be scrutinized by investors, which can lead to increased trading volume and price volatility.
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