AlphaTime Acquisition Corp Announces Entering Into A Merger Agreement With HCYC Group Company Limited
Portfolio Pulse from Benzinga Newsdesk
AlphaTime Acquisition Corp (ATMC) has announced a merger agreement with HCYC Group Company Limited, a Cayman Islands holding company with insurance brokerage operations in Hong Kong through HCYC Asia. The transaction involves multiple mergers and will result in HCYC shareholders receiving 7.5 million shares of PubCo, valued at $75 million. The deal, approved by both companies' boards, is expected to close in early 2024, subject to regulatory and shareholder approvals. Post-merger, PubCo will be NASDAQ-listed with a new ticker symbol, and HCYC's executive team will continue to lead. The merger's details are available in ATMC's Form 8-K filing with the SEC.
January 07, 2024 | 8:24 pm
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ATMC has entered into a merger agreement with HCYC Group, which will result in a NASDAQ-listed company post-merger. The transaction is valued at $75 million in shares and is expected to close in early 2024.
The announcement of a merger agreement typically has a positive short-term impact on the stock price of the involved companies, as it can be seen as a growth opportunity. The transaction's structure and the future NASDAQ listing of PubCo could be perceived positively by investors. However, the actual impact will depend on investor sentiment regarding the details of the merger and the long-term prospects of the combined entity.
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