FoxWayne Enterprises Acquisition Corp. (NASDAQ: FOXW), a special purpose acquisition company ("SPAC"), and Clover Inc., a highly rated live streaming company focused on Gen Z and Millennial audiences and creators, today announced they have entered into a definitive business combination agreement. Upon closing of the transaction, which is currently anticipated to occur in the first quarter of 2023, the combined company will be named "Clover Media Inc." and will be led by Clover CEO Isaac Raichyk, and the current management team. The combined company's common stock is expected to continue to be listed on the NASDAQ Capital Market.
Robb Knie, chief executive officer of FoxWayne, added, "We see immense opportunities in Clover's approach to delivering both dating subscriptions and the live streaming dating and subscription models for creators of live content."
As part of the transaction, FoxWayne will be issuing 15.745 million shares of its common stock, which represents consideration of approximately $157.45 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.
Assuming no redemptions of FoxWayne shares, the combined company's cash resources are expected to be comprised of approximately $13.7 million in cash proceeds currently in trust, along with the existing cash resources of Clover at closing.
FOXW shares acquired a dime, or 1%, to $10.26.
Related Stories
