Mercato Partners Acquisition in an 8-K today said it secured subscription agreements for a pipe totalling $11.1 million, based on a price of $10 a share. Funds will be used to support the SPAC proposed merger with Nuvini.
A vote on the deal is set for Thursday, Sept. 28.
The deal has a combined enterprise value of $312 million, Mercato announced in February. At that time, the estimated pro forma enterprise value included an anticipated $23 million in cash net of Nuvini debt at the time of closing, assuming no further redemptions by Mercato's existing stockholders.
Mercato raised $200 million in a November 2021 ipo, although redemptions since then have taken a bite out of the trust. The SPAC's market cap on the nasdaq now stands at just over $108 million. Read more.