NEW YORK - Northern Revival Acquisition Corporation (NASDAQ:NRAC), a special purpose acquisition company, and Braiin Limited, an Australian technology firm, have taken a significant step towards a business combination by filing a registration statement with the U.S. Securities and Exchange Commission. This move, part of a process initiated on January 2, 2024, could result in a combined enterprise valued at approximately $572 million.
The proposed merger, which is expected to conclude in the first quarter of 2024, follows an amended agreement from October 1, 2023, where Braiin Holdings Ltd., a newly formed entity for the combined company, and other parties revised the business combination agreement originally signed in March 2023. The updated terms reflect an increased proforma enterprise value, bolstered by Braiin's acquisition agreements with Vega Global Technologies. These agreements include the potential acquisition of Exato Technologies Pvt Ltd and Nisus companies, contingent upon the business combination's completion.
Braiin's CEO, Natraj Balasubramanian, expressed optimism about the public market entry, citing the opportunity for enhanced capital access to support long-term contracts and growth strategies, including mergers and acquisitions. He emphasized the alignment with Braiin's corporate culture and the enhanced visibility for the company's products and services.
The registration statement, which is not yet effective and subject to change, provides detailed information about Braiin's business operations and the proposed transaction. It also outlines the proposals for NRAC's shareholders' consideration. Shareholders can access the preliminary proxy statement/prospectus and other relevant documents via the SEC's website or directly from NRAC.
Legal counsel for the transaction is provided by Winston & Strawn LLP for Braiin and Loeb & Loeb LLP for NRAC. The business combination, if completed, will bring together Braiin's expertise in AI, machine learning, robotics, IoT, and enterprise software and hardware applications with NRAC's focus on software and tech-enabled services.
This article is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The proposed transaction is subject to approval by NRAC's shareholders and other closing conditions.
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