The Daily Dish (8/10/21)
Leafly is planning to list on Nasdaq through a SPAC merger with Merdia Merger Corp in a deal which values the Cannabis company at $532 million.
The company was founded in 2010 and has grown into a leading marketplace and resource. Existing shareholders of the company will own 72% of the new company with the deal expected to close in the fourth quarter this year.
Leafly offers a subscription based platform which has 7800 brands and 4600 retail customers with revenues in 2021 expected to be around $43 million.
Despite its recent success, the company experienced a turbulent 2020, with multiple layoffs and change in leadership. Yoko Miyashita took over as CEO in August 2020 and has focused on building a better online shopping experience.
HotelPlanner and Reservations.com are planing to merge and go public through an SPAC merger. The combined firm will be called HotelPlanner and will merge with SPAC Astra Acquisition Corp, which would value the company at $685 million.
The current talks comes as a result of online travel companies adjusting to the decline in demand due to the pandemic, amidst concerns that the Delta variant could halt the current rebound.
HotelPlanner, which already owns Meetings.com, expects to post record sales this year, which could even top 2019’s earnings. The combined company expects to generate $170 million in revenue this year.
HotelPlanner, which was founded in 2004, expects to use some of the money to cover transaction fees and composite existing investors with the company expected to have $105 million left in cash proceeds.
VIYI Algorithms announced that it would go public though a merger with SPAC Venus Acquisition Corp in a deal that values the firm at $400 million.
The transaction is expected to close by the third quarter, with the new combined entity called MicroAlgo. The company specialises in the development and application of customised central processing algorithm.
The company’s services include algorithmic optimisation, accelerated computing power, lightweight data processing and data intelligence services.
By integrating these algorithms with software or hardware, the company provides customers with comprehensive solutions that help them increase customer numbers, achieve direct cost savings and reduce power consumption.