Tech unicorn Grab is slated to make its Nasdaq debut on Dec 2 as the special purpose acquisition company (SPAC) it plans to merge with, Altimeter Growth Corp (AGC), has received shareholders’ approval for the transaction.
Following the close of the business combination, Grab's Class A common stock is expected to begin trading on Thursday under the ticker symbol "GRAB."
Shareholder redemptions were effectively 0%, at 0.02%. Complete official results of the vote and shareholder redemption will be included in a Current Report on Form 8-K to be filed by AGC with the Securities and Exchange Commission, the company said in a statement.
Grab announced its intentions to go public in the US through a SPAC transaction in partnership with AGC on April 13. AGC is sponsored by Altimeter Growth Holdings, part of the Altimeter Capital Markets Platform.
The transaction values the business combination at US$40 billion, making it the world’s largest SPAC deal. As part of the deal, Grab will receive US$4.5 billion, including US$4 billion in private investment.
