Mobile Commerce Platform Rezolve to go Public via $2 Billion SPAC Deal

Mobile trading platform Rezolve said Friday that it will be listed in New York through a merger with a blank check firm backed by billionaire Betsy Cohen, in a deal that values ​​the combined company at about $ 2 billion.

Rezolve joins a number of technology companies that have tapped into public markets as their products and services, adapting to the digital economy, experience overwhelming demand due to a fundamental change in the ways of doing business.

Founded in 2016 and based in London, the company offers its customers a mobile shopping solution alongside digital payments and e-marketing products. It enables brands and more than 150,000 merchants on its platform to turn media into an interactive experience on mobile devices.

Funds from the deal will be used to enter new markets and invest in research and development, among other things, co-founder and CEO Dan Wagner told Reuters in an interview.

Blank check firms, or Special Purpose Acquisition Companies (SPACs) are publicly traded shell companies that raise funds with the intention of merging with a private company within two years after their shares float. The private company then goes public through the merger.

“It’s a fast route to this (go public),” Wagner said. “They are popular with backers because they can help provide capital quickly to the company and establish a valuation in the private domain outside of the public focus.”

The agreement with Armada Acquisition Corp I will provide Rezolve with up to $ 190 million in gross income, including $ 150 million from SPAC’s trust account and a $ 40 million private investment from Cohen and German billionaire investor Christian Angermayer.

Once the deal closes, Rezolve will be listed on the Nasdaq, under the ticker symbol “ZONE.”

By Manya Saini and Sohini Podder; Edited by Shailesh Kuber

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