ETAO International Group, a digital healthcare company providing telemedicine, hospital care, primary care, pharmacy and health insurance, plans to go public and raise up to $304 million through a merger with blank-check company Mountain Crest Acquisition III.
The transaction values ETAO at a pro forma fully diluted enterprise value of approximately $2.5 billion with existing ETAO shareholders rolling over 100% of their equity into the combined company. Upon completion of the transaction, which is anticipated in the summer of 2022, the combined company will operate as ETAO and securities are expected to be listed on NYSE under the symbol ETAO.
The transaction includes a $250 million PIPE at $10 per share from China SME Investment Group that is scheduled to close simultaneously with the business combination. Separately, ETAO has also received commitments through a separate private placement of $51 million expected to close prior to Feb. 15. Read more.
