Technology Company GloriFi to Merge with SPAC.
MANews-(C)2009-2022
US-based technology company With Purpose, Inc., doing business as GloriFi and US-based special purpose acquisition company DHC Acquisition Corp have entered into a definitive agreement for a business combination that would result in GloriFi becoming a publicly listed company, the companies said.
Once the proposed transaction closes, the company will potentially trade on the NASDAQ under the requested ticker symbol "GLRI."
The proposed business combination would provide approximately USD 279m (assuming no redemptions by holders of DHC's class A common shares) to GloriFi's balance sheet allowing the combined company to tap the underserved market of consumers who want to do business with companies who share their values.
At a price of USD 10.00 per share, the transaction values GloriFi at a pro forma enterprise value of approximately USD 1.7bn and is expected to close in 1Q23.
GloriFi believes that significant migration away from the US coasts towards the US heartland has created an underserved population with USD 6-8tn in purchasing power.
The company believes these consumers have taken notice that large segments of corporate America have grown increasingly disconnected from heartland consumers.
At the same time, data shows that over 70% of these Americans believe it is important that their financial institution share basic American values.
GloriFi said it is committed to providing Americans with the opportunity to transact with an institution that shares their values while empowering them with the data and tools needed to achieve financial freedom.
The transaction has been approved unanimously by both the DHC and GloriFi Boards of directors.
It is expected to close in 1Q23 subject to, among other things, approval by DHC's shareholders...
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