Clover Merging With SPAC FoxWayne Enterprises

By Chris Wack

Clover Inc. said Tuesday that it was merging with special-purpose acquisition company FoxWayne Enterprises Acquisition Corp. in an effort to become a publicly traded company.

FoxWayne shares were halted in premarket trading at $10.16 a share.

Upon closing of the transaction, which is expected to occur in the first quarter of 2023, the combined company will be named Clover Media Inc. and will be led by Clover Chief Executive Officer Isaac Raichyk and the current management team, the companies said.

The combined company’s common stock is expected to continue to be listed on the Nasdaq Capital Market.

Clover is a live streaming company, which is targeting a launch of virtual reality dating and VR live streaming in the fourth quarter of 2023.

As part of the transaction, FoxWayne will be issuing about 15.8 million shares of its common stock, which represents consideration of $157.5 million. Current Clover stockholders will convert 100% of their existing equity interests into common stock of the combined company and will own a majority of the outstanding shares of the combined company post-closing.

The boards of directors of both Clover and FoxWayne have unanimously approved the proposed transaction.

Write to Chris Wack at chris.wack@wsj.com

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