Hunter Maritime Acquisition Corp., a special purpose acquisition company, has entered into an agreement to complete a business combination with a Chinese fintech company, NCF Wealth Holdings Limited (NCF).
Under the deal, signed on October 5, a wholly-owned subsidiary was established with the aim to acquire NCF by way of merger in an all-stock transaction.
The transaction values NCF at an equity value of USD 2 billion whereby Hunter has agreed to issue 200 million Class A common shares to the shareholders of NCF at the closing of the merger.
The shareholders of NCF will also be entitled to receive up to 50 million additional Class A common shares if Hunter meets certain financial performance targets for the 2019 and 2020 fiscal years.
Hunter Maritime expects the complete the merger by April 23, 2019.
The closing of the transaction is conditioned upon the satisfaction of certain conditions, including but not limited to Hunter having at least USD 5,000,001 of net tangible assets on the closing date, Hunter’s initial listing application with the Nasdaq Stock Market in connection with the transaction being approved and NCF having obtained stockholder approval of the transaction.