zimmytws
Swiss SPAC Genesis Growth Tech Acquisition Corp. (GGAA) and French medtech Biolog-id have entered into a memorandum of understanding agreement to merge through a deal that pegs the equity value of Biolog-id at $312M.
The deal, which is subject to shareholder approval by both companies, is expected to close in Q1 2023. After the closing, American Depositary Shares of the combined company, to be called Biolog-id, are expected to trade on Nasdaq under the symbol BGID.
Biolog-id designs, deploys and supports RFID-based tracing systems for sensitive healthcare products such as blood, plasma and chemotherapy treatment. The company provides services to clients in Europe, the US, Asia Pacific, India and the Middle East.
Genesis Growth held its initial public offering in December, raising $220M.