Business
DLQ Announces Plans to List on NASDAQ via Merger with Abri SPAC I
DLQ Announces Plans to List on NASDAQ via Merger with Abri SPAC I.
About this update from Logiq Inc.
[{"type":"text","content":"\nDLQ, Inc., a provider of digital consumer acquisition solutions (“DLQ”), and a wholly-owned subsidiary of Logiq, Inc. (OTCQX: LGIQ, “Logiq”), today announced it has entered into a definitive merger agreement (“Merger Agreement”) for a business combination whereby it will merge with Abri Merger Sub, Inc., a wholly owned subsidiary of Abri SPAC I, Inc. (Nasdaq: ASPA, ASPAW, ASPAU, “Abri”), a special purpose acquisition company (“SPAC”). Upon closing of the business combination, the combined company is expected to remain NASDAQ-listed under the name “DataLogiq, Inc.”\n\nHighlight Terms of the Merger Agreement\n\n\nA business combination between Abri and DLQ will be affected through the merger of Abri Merger Sub, Inc. with and into DLQ, with DLQ surviving the merger as a wholly owned subsidiary of Abri. Upon the closing of the acquisition, DLQ will change its name to “DataLogiq, Inc.”\n\n\nAbri will issue 11.4 million shares in exchange for DLQ shares. At $10 per Abri share, the valuation of DLQ is $114 million.\n\n\nThe Board of Directors of DLQ and Abri, respectively, have unanimously approved the transaction. Closing the transaction will require the approval of both Logiq and Abri stockholders.\n\n\nAll cash remaining in Abri’s Trust account immediately after the closing of the business combination will be available to the surviving entity for working capital, growth and other general corporate purposes.\n\n\nThe transaction is expected to close in the first quarter of 2023.\n\n\nAdditional information about the proposed merger, including a copy of the merger agreement and other material documentation will be filed by Abri with the SEC and available at www.sec.gov. Abri will shortly file an S-4 registration statement with the SEC, which will contain a proxy statement/prospectus in connection with the business combination.\n\nManagement comments\n\nDLQ’s Chief Executive Officer, Brent Suen, commented, “As a platform for access to growth capital, acquisitions and higher visibility partnerships leading to increased customer acquisitions, DLQ sees this SPAC transaction as an important milestone for all shareholders. We look forward to partnering with Abri to leverage their significant expertise in corporate finance and management w...