Wejo Group Limited and TKB Critical Technologies 1 today announced the filing of a form S-4 outlining their propsoed merger.
Manchester, England-based Wejo develops Smart Mobility for Good and cloud and software analytics for connected, electric and autonomous vehicle data.
Announced in January, the structure of the transaction seeks to limit TKB stockholder redemptions and maximize cash delivered to Wejo by providing TKB investors with an approximately 10% premium to the estimated cash in TKB's trust in Wejo Holdings shares.
Wejo combined with Virtuoso Acquisition in November 2021 at an estimated $1.1 billion pro forma equity value.
If this new deal is approved, upon closing Wejo will continue to trade on the nasdaq.
The transaction is expected to provide up to $100 million in combined cash proceeds from the funds in trust and proceeds from a PIPE to be raised prior to closing. Read more.
Source: Wejo and TKB file S-4 on 0M Deal