FRANKFURT : Germany’s Schmid Group, a technology firm specialising in electronics, said on Wednesday it plans to list in New York via a special purpose acquisition company (SPAC).
The family-owned business would become a publicly listed company on the New York Stock Exchange in the fourth quarter of this year, with the deal estimated to give Schmid a valuation of $640 million.
The transaction will be through a blank-check company named Pegasus Digital Mobility Acquisition Corp. backed by automotive veteran Ralf Speth.
“We have been considering this step for some time and see the NYSE and the U.S. capital markets as much more suitable for a technology company,” CEO Christian Schmid told Reuters, regarding the location of the transaction.
Source: Reuters