Aurora Technology Acquisition Overcomes Nasdaq Challenge, Completes DIH Deal

Aurora Technology Acquisition in an 8-K today said it has completed its merger with DIH Holding US.

Aurora shareholders approved the deal in December, although a month later the SPAC was hit with a delisting notice by the for non-compliance with the $50 million minimum average market cap rule. The deal initially seemed in jeopardy, as Aurora had a Feb. 7 deadline to finish — and listing the combined company on the Nasdaq was among the closing conditions.

Then, yesterday, the SPAC and DIH received Nasdaq approval to list under the symbol DHAI. The outstanding to purchase shares of Class A common stock have also been approved for listing under the symbol DHAIW.

The deal closes today, the parties said, with trading set to begin tomorrow.

DIH Holding US is a robotics and virtual reality provider based in Beijing. DIH is focused on the rehabilitation and human performance industry.

The SPAC agreed to waive a closing condition that required DIH to complete a corporate reorganization in the form specified in the business combination agreement.

The deal was announced almost a year ago, originally at an enterprise value of approximately $321.9 million. Aurora Technology said  4,815,153 shares were redeemed at $11.03 per share ahead of the merger vote in December, removing just over $53 million from the trust and leaving it with less than $6 million.

The 8-K announcing the deal closing does not mention other financing that may have been secured since shareholder approval almost two months ago.

Source: Aurora Technology Acquisition Overcomes Nasdaq Challenge, Completes DIH Deal