Sichenzia Ross Ference LLP Represents ETAO International Group in $2.5 Billion Definitive Merger Agreement with Mountain Crest Acquisition Corp. III
Press Release – New York, NY – February 1, 2022– Sichenzia Ross Ference LLP announced today that it is representing ETAO International Group in a definitive merger agreement with Mountain Crest Acquisition Corp. III (Nasdaq: MCAER), a publicly traded special purpose acquisition company (“SPAC”). The transaction values ETAO at a pro forma fully diluted enterprise value of approximately $2.5 billion with existing ETAO shareholders rolling over 100% of their equity into equity of the combined company. Upon completion of the transaction, which is anticipated in the summer of 2022, the combined company will operate as ETAO and securities are expected to be listed on NYSE under the symbol “ETAO”. The transaction includes a $250 million private investment in public equity at $10.00 per share in connection with the business combination transaction. Separately, ETAO has also received commitments through a separate private placement of $51 million.
The Sichenzia Ross Ference LLP team was led by partners Huan Lou, Arthur Marcus, Jay Kaplowitz, Jennifer Trowbridge, counsel Michael Savage, and associate Mayank Pradhan.
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