The Merger Deal Between Cazoo and AJAX I (NYSE: AJAX) Shows That SPACs Are Finally Addressing the Thorny Issue of Skewed Sponsor Compensation
https://wccftech.com/the-merger-deal-between-cazoo-and-ajax-i-nyse-ajax-shows-that-spacs-are-finally-addressing-the-thorny-issue-of-skewed-sponsor-compensation/
Cazoo, the British online platform that facilitates the sale and financing of used cars, is now slated to go public by merging with the SPAC AJAX I (NYSE:AJAX). However, the deal is notable for how AJAX I has chosen to address the thorny issue of lucrative sponsor compensation.
As per the statement released by Cazoo and AJAX I, the merger values the combined company at $7 billion and is expected to close in Q3 2021. The transaction will provide over $1.605 billion in gross proceeds to the combined company via $805 million held in trust and another $800 million from PIPE investors.
The Merger Deal Between Cazoo and AJAX I (NYSE: AJAX) Shows That SPACs Are Finally Addressing the Thorny Issue of Skewed Sponsor Compensation
Mar 29, 2021, 12:25pm UTC
https://wccftech.com/the-merger-deal-between-cazoo-and-ajax-i-nyse-ajax-shows-that-spacs-are-finally-addressing-the-thorny-issue-of-skewed-sponsor-compensation/
> Cazoo, the British online platform that facilitates the sale and financing of used cars, is now slated to go public by merging with the SPAC AJAX I (NYSE:AJAX). However, the deal is notable for how AJAX I has chosen to address the thorny issue of lucrative sponsor compensation.
> As per the statement released by Cazoo and AJAX I, the merger values the combined company at $7 billion and is expected to close in Q3 2021. The transaction will provide over $1.605 billion in gross proceeds to the combined company via $805 million held in trust and another $800 million from PIPE investors.