Malaysian nutrition firm enters SPAC deal for $270m

Wellous, a Malaysia-based nutrition company, has entered a merger agreement with special purpose acquisition firm Kairous Acquisition Corp Ltd. Following the completion of this deal, Wellous will be publicly listed on Nasdaq.

Team Wellous / Photo credit: Wellous

The merger consideration is worth US$270 million – an amount that will be payable through the freshly issued securities of the merged entity, which will be valued at US$10.10 per share. Through the deal, there will also be cash proceeds, which will be made up of Kairous’s approximately US$21 million in trust.

Founded in 2016 by Andy Tan and Henry Chin, the company develops, creates, markets, and sells health food and wellness supplements through its tech-enabled platform.

It lists 10 brands on its website, offering a variety of products – from its Immority anti-aging formulation to its Zenso weight management supplements.

The global dietary supplement market is set to grow to US$240.9 billion by 2028 at a compound annual growth rate of 8.5%.

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