Over in Asia-Pacific, we’ve got a two-in-one SPAC for you — Hong Kong-based Covid-19 test provider Prenetics and Taiwan-based EV-battery provider Gogoro are both set to go public through everyone’s favorite type of blank cheque company.
Prenetics is set to list on the Nasdaq Stock Exchange through a merger with the Artisan Acquisition Corp SPAC (ARTA) by Q1 2022. The deal values the start-up at almost $1.3b, while Prenetics will receive up to $459m through listing proceeds. The company was set up as a genetics testing firm at first, but since then its Circle HealthPod (a portable Covid-19 testing device) has led it to be the main Covid-19 testing provider in Hong Kong and the UK.
Gogoro’s scheduled to join Prenetics on the Nasdaq at around the same time as well. The Taiwanese startup’s merger with the Poema Global Holdings Corp SPAC (PPGH) values the company at almost $2.4b, with $550m expected in proceeds. The company’s unique in that instead of offering charging stations for EVs, it sets up battery storage units around the cities it operates in.
why it matters
Almost 28 medical diagnostic companies like Prenetics have gone public via a SPAC since 2020, with a total of $42b raised. Whereas Gigoro's announcement comes after it launched key partnerships with vendors in China and India, hinting where it plans to use its new funds.