- SPAC PHP Ventures Acquisition (NASDAQ:PPHP) said Thursday it will take Modulex Modular Buildings, a U.K.-based construction technology company, public in a deal that values Modulex at $600M.
- The combined firm would have an equity market cap of ~$723M, assuming a $10/share price and no redemptions by PHP (PPHP) shareholders and completion of an additional $30M financing. Its combined pro forma business value would be ~$682.5M.
- The group may seek up to $30M in pre-transaction financing, a PIPE, or other financing alternatives prior to the deal closing.
- Modulex expects to be listed on Nasdaq Capital Market under the ticker "MDLX".
- The company manufactures 3D volumetric steel modular buildings and uses emerging technologies such as AI, blockchain & IoT.
- Modulex is currently building the world's largest steel modular buildings factory in India to supply into the U.K., E.U., U.S., and Indian markets.
- The SPAC deal will facilitate funding for five factories across South Korea, Vietnam, Brazil, Egypt and the U.S. and will help Modulex set up 15 more factories across emerging markets.
- The deal is expected to close as early as Q2 2023.