February 7, 2023 – RealWear, Inc., a supplier of assisted actuality wearable options for frontline industrial professionals, and Cascadia Acquisition Corp. (CCAI), a publicly-traded particular objective acquisition firm, have introduced that they’ve entered right into a definitive enterprise mixture settlement that’s anticipated to lead to RealWear changing into a publicly traded firm.
In accordance with RealWear, upon closing of the proposed transaction, the mixed firm shall be named RealWear, Inc. and is predicted to commerce on the Nasdaq. The boards of administrators of RealWear and CCAI have each unanimously permitted the transaction, which is predicted to be accomplished within the second half of 2023. The transaction would require the approval of the shareholders of each RealWear and CCAI and is topic to different customary closing circumstances. A enough variety of RealWear shareholders have already agreed to vote or consent to approve the proposed enterprise mixture previous to the closing, in response to the corporate.
RealWear’s assisted actuality instruments allow frontline professionals to view, talk and share paperwork, diagrams, photographs, and video, all whereas maintaining their arms and field-of-view free for work. As a full-stack providing, RealWear’s SaaS-based cloud platform supplies information analytics and real-time technical assist to assist IT and operations leaders streamline updates and speed up scaled deployments. The corporate additionally gives a spread of wearable gadgets, together with the RealWear Navigator wearable sequence, that are designed to face up to and carry out within the harsh and infrequently difficult environments usually confronted by fashionable frontline professionals. The corporate notes that 41 of the Fortune 100 are RealWear clients.
“RealWear’s mission is to have interaction, empower, and elevate frontline professionals around the globe and throughout industries to extend productiveness and improve security,” mentioned Andrew Chrostowski, Chairman and CEO of RealWear. “This mix with CCAI will speed up our skill to ship new assisted actuality merchandise, providers, and options at scale that remodel the best way individuals work right now, tomorrow and into our sustainable future.”
Jamie Boyd, Chief Govt Officer of CCAI, commented: “CCAI was established with the intention of figuring out and partnering with companies which might be using expertise and innovation to disrupt trade in sizable and increasing markets. RealWear completely suits these standards, and we’re thrilled to accomplice with them and add worth by strengthening their monetary place in pursuit of progress initiatives throughout product, buyer, geography and trade initiatives.”
Following a profitable transaction, the mixed firm is predicted to have an enterprise worth of USD $375.5 million. The web proceeds raised from the proposed transaction shall be used to assist RealWear’s strategic progress and company initiatives, which encompass hiring extra workforce members for product improvement and cloud engineering, increasing contract manufacturing capabilities, accelerating gross sales channel penetration, and pursuing extra trade verticals.
Present RealWear shareholders will roll 100% of their current share holdings into fairness of the mixed firm. Shares of CCAI Class A standard inventory and Class B frequent inventory will robotically convert into frequent inventory of the mixed firm on a one-for-one foundation.
CCAI intends to carry a particular assembly on February 15, 2023 to contemplate and vote on, amongst different proposals, the extension of the time interval CCAI has to finish an preliminary enterprise mixture to August 31, 2023.
Cascadia Capital, LLC is serving as monetary advisor for the transaction and Perkins Coie is serving as authorized advisor to CCAI. Latham & Watkins is serving as authorized advisor to RealWear.
For extra data on RealWear and its assisted actuality wearable options, please go to the corporate’s web site.
Picture credit score: RealWear, Inc. / Cascadia Acquisition Corp.
Sam Sprigg
Sam is the Founder and Managing Editor of Auganix. With a background in analysis and report writing, he has been protecting XR trade information for the previous 5 years.
source https://vrgamenews.com/realwear-enters-into-agreement-with-ccai-to-become-a-publicly-traded-company/
No comments:
Post a Comment