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Beneficient has provided Avalon Acquisition (NASDAQ: AVAC) with its audited financials for 2020 and 2021, fulfilling a key condition for their business combination agreement announced on September 21, 2022. This step is essential for Beneficient's transition into a publicly traded company. Avalon's CEO, Craig Cognetti, highlighted that this move aims to modernize liquidity solutions for investors and institutions. Beneficient has already facilitated approximately $1.1 billion in liquidity transactions and launched an upgraded fintech platform for alternative asset investors.
Avalon Acquisition Inc. (NASDAQ: AVAC) announced a merger with Beneficient Company Group, valuing the combined entity at $3.5 billion. This strategic move aims to provide enhanced liquidity solutions for alternative asset investors. Beneficient has financed transactions worth approximately $1.1 billion since 2017, with $383 million in the last year alone. The merger will enable Beneficient to tap into the capital markets, offering better liquidity options in a historically opaque market. The transaction is expected to close in the first half of 2023, pending shareholder approval.
Avalon Acquisition Inc. (NASDAQ GM: AVACU) announced that starting December 3, 2021, unit holders from its IPO can trade shares of Class A common stock and warrants separately. The individual components will trade under the symbols 'AVAC' for the shares and 'AVACW' for the warrants, while units not separated will continue under 'AVACU'. This follows the effectiveness of a registration statement by the SEC. The press release emphasizes that there is no offer to buy or sell units in jurisdictions where such actions would be illegal.
Avalon Acquisition Inc. has successfully closed its initial public offering (IPO) of 20,700,000 units, raising $207 million, which included the underwriters' full over-allotment option. Each unit comprises one share of Class A common stock and three-fourths of a redeemable warrant. The IPO units started trading on Nasdaq under the symbol 'AVACU' on October 6, 2021. The firm intends to pursue mergers and acquisitions in the financial services and technology sectors. A significant portion of the proceeds, $210.1 million, will be placed in trust for future business combinations.
Avalon Acquisition has priced its IPO at $10.00 per unit, issuing 18 million units, each containing one Class A share and three-fourths of a warrant. The total potential revenue from the offering could reach $180 million. Units will trade on Nasdaq under the symbol 'AVACU' starting October 6, 2021, with shares and warrants to follow as 'AVAC' and 'AVACW'. Maxim Group LLC is the sole book-running manager for the IPO, which is expected to close on October 8, 2021. The company is positioned to pursue business combinations within the financial services and fintech sectors.
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