SINGAPORE (Reuters) -Hotel101 Global Holdings Corp and Nasdaq-listed special purpose acquisition company JVSPAC Acquisition Corp said on Monday they had obtained a regulatory nod to proceed with a business combination agreement.
They said in a statement that the U.S. Securities and Exchange Commission had declared effective Hotel101's registration statement on form F-4 filed with the SEC in connection with the business tie-up.
JVSPAC is a publicly listed shell that raises funds to merge with a private entity. Hotel101 is the hotel arm or subsidiary of Philippines-listed DoubleDragon.
The business combination values Hotel101 at an equity value of $2.3 billion, according to the statement. Upon listing, the combined company will operate as Hotel101 and will become the first Philippine-owned company to be listed and traded on Nasdaq, the statement showed.
JVSPAC said that it has scheduled an extraordinary general meeting of shareholders on June 24 to vote on the proposed business combination with Hotel101.
(Reporting by Yantoultra Ngui; editing by Mark Heinrich and Tomasz Janowski)
