Transfix, a freight matching and tracking solutions provider for fleets, has announced plans to be listed on the New York Stock Exchange (NYSE) via a special purpose acquisition company (SPAC), G Squared Ascend I Inc. The deal is expected to close by the end of Q1 2022.
The deal values the combined entity at USD 1.1 billion with approximately USD 375 million in cash net of transaction expenses if there are no redemptions by the SPAC’s shareholders. Upon closing the deal, Transfix shareholders are expected to own approximately 69% of the combined entity, while the SPAC’s public shareholders will own roughly a 24% share.
Transfix reported revenue of USD 184 million and an adjusted loss of USD 27 billion in 2020. This year, the company expects to generate revenue worth USD 281 million and record an adjusted loss of USD 35 million. The company aims to be profitable on an adjusted basis by 2024—projecting revenue worth USD 1.06 billion with an adjusted EBITDA of USD 44 million.
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