Xavier Kong · · 1 min readSG mobile app developer to list in US via $2.5b SPAC deal
Asia Innovations Group (ASIG), a Singapore-based mobile app developer, is set to list in the US via a merger with a special purpose acquisition company, with the combined entity valued at US$2.5 billion, Reuters reported.
ASIG will merge with Magnum Opus Acquisition, bringing in US$200 million in cash to ASIG. The deal is expected to conclude in the first quarter of 2023.
The firm also intends to raise up to US$150 million in additional capital as part of the merger process. The funds will go toward product growth and other acquisition opportunities, said the firm.
Founded in 2013 by Andy Tian, Ouyang Yun, and Mingling Liu, ASIG has a presence in over 150 countries and regions worldwide, offering its social and gaming apps and payment services solutions, including streaming platform Uplive and ecommerce marketplace Hekka.
See also: Korean gaming giant WeMade leaves Klaytn to launch own Layer 1 blockchain
Editing by Deepti Sri
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