Corp, a US blank-check corporation, has agreed to merge with Big Tree Cloud International Group in order for the Chinese personal care products company to go public in a deal worth around $500 million. The transaction, valued at $10 per share, is scheduled to close in the first half of 2024, pending clearances from the US Securities and Exchange Commission and the Nasdaq Stock Market, according to the firms.
After the completion of the merger with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd and listed on the Nasdaq Stock Market.The proceeds from this transaction will be used for working capital and general corporate purposes, as per reuters.
According to the statement, the profits of this transaction will be utilized for working capital and other company reasons. Big Tree Cloud, created in 2020 in the southern Chinese tech capital Shenzhen, specializes on feminine hygiene items such as sterilized feminine pads and menstruation trousers.
"The proposed business combination with Plutonian Acquisition will enable us to accelerate our effort of accomplishing our mission of offering premium personal care products to consumers and expanding our product portfolio beyond feminine care," said Big Tree Cloud founder Wenquan Zhu.