Abri SPAC I (NASDAQ:ASPA) (ASPAU) said that its wholly owned subsidiary plans to merge with digital marketing solutions provider DLQ, a wholly owned unit of Logiq (OTCQX:LGIQ).
The combined company will be called DataLogiq, with shares expected to trade on Nasdaq. The deal, which required shareholder approval of both corporate boards, values DLQ at around $114M.
The deal comes in the wake of an announcement in July that Abri SPAC I was scrapping a proposed merger with blockchain technology company Apifiny, a deal the had valued the combined company at approximately $530M. Abri said at the time that it would pursue an alternative business combination.
In February, Logiq announced that its spin-off, mobile solutions provider GoLogiq (OTCPK:GOLQ), had applied to uplist its shares to the OTC market.