Evergreen Corporation and Forekast Limited Announce Definitive Business Combination Agreement
Evergreen (NASDAQ: EVGR) has announced a definitive merger agreement with Forekast , a technology managed services provider specializing in augmented intelligence. The combined company will operate as Forekast Group, valued at an enterprise value of $105 million. Forekast has demonstrated strong growth with a CAGR of over 20% in the past 5 years.
The merger aims to accelerate Forekast's growth, expand its market reach, and enhance its AI-powered solutions. The transaction is expected to close by the end of 2024, subject to customary closing conditions and shareholder approvals. Any remaining funds in EVGR's trust account will be used for R&D, marketing, market expansion, talent acquisition, and potential strategic acquisitions.
Evergreen (NASDAQ: EVGR) ha annunciato un accordo di fusione definitivo con Forekast, un fornitore di servizi gestiti tecnologici specializzato in intelligenza aumentata. La società combinata opererà come Forekast Group, valutata a un valore aziendale di $105 milioni. Forekast ha mostrato una forte crescita con un CAGR superiore al 20% negli ultimi 5 anni.
La fusione mira ad accelerare la crescita di Forekast, espandere la sua portata di mercato e migliorare le sue soluzioni potenziate dall'IA. Si prevede che l'operazione si chiuda entro la fine del 2024, soggetta alle consuete condizioni di chiusura e approvazioni degli azionisti. I fondi rimanenti nel conto fiduciario di EVGR verranno utilizzati per ricerca e sviluppo, marketing, espansione del mercato, acquisizione di talenti e potenziali acquisizioni strategiche.
Evergreen (NASDAQ: EVGR) ha anunciado un acuerdo de fusión definitivo con Forekast, un proveedor de servicios de tecnología gestionados especializado en inteligencia aumentada. La empresa combinada operará como Forekast Group, valorada en un valor empresarial de $105 millones. Forekast ha demostrado un fuerte crecimiento con un CAGR superior al 20% en los últimos 5 años.
La fusión tiene como objetivo acelerar el crecimiento de Forekast, expandir su alcance en el mercado y mejorar sus soluciones potenciadas por IA. Se espera que la transacción se cierre para finales de 2024, sujeta a las condiciones habituales de cierre y aprobaciones por parte de los accionistas. Los fondos restantes en la cuenta fiduciaria de EVGR se utilizarán para I+D, marketing, expansión de mercado, adquisición de talento y posibles adquisiciones estratégicas.
에버그린 (NASDAQ: EVGR)은 증강 지능을 전문으로 하는 기술 관리 서비스 제공업체 포르카스트와의 최종 합병 계약을 발표했습니다. 합병된 회사는 포르카스트 그룹으로 운영되며, 기업 가치는 $105 백만입니다. 포르카스트는 지난 5년 동안 20% 이상의 CAGR로 강력한 성장을 보여주었습니다.
이번 합병의 목표는 포르카스트의 성장을 가속화하고 시장 범위를 확장하며 AI 기반 솔루션을 향상하는 것입니다. 거래는 통상적인 종료 조건 및 주주 승인에 따라 2024년 말까지 완료될 것으로 예상됩니다. EVGR의 신탁 계좌에 남아 있는 자금은 연구 개발, 마케팅, 시장 확장, 인재 확보 및 잠재적 전략적 인수에 사용될 것입니다.
Evergreen (NASDAQ: EVGR) a annoncé un accord de fusion définitif avec Forekast, un fournisseur de services technologiques spécialisés dans l'intelligence augmentée. La société combinée fonctionnera sous le nom de Forekast Group, avec une valeur d'entreprise de $105 millions. Forekast a montré une forte croissance avec un CAGR supérieur à 20% au cours des 5 dernières années.
Cette fusion vise à accélérer la croissance de Forekast, à élargir sa portée sur le marché et à améliorer ses solutions basées sur l'IA. La transaction devrait être finalisée d'ici la fin de 2024, sous réserve des conditions habituelles de clôture et des approbations des actionnaires. Tous les fonds restants dans le compte fiduciaire d'EVGR seront utilisés pour la recherche et le développement, le marketing, l'expansion du marché, l'acquisition de talents et d'éventuelles acquisitions stratégiques.
Evergreen (NASDAQ: EVGR) hat eine endgültige Fusionsvereinbarung mit Forekast angekündigt, einem Anbieter von Technologiedienstleistungen, der sich auf angereicherte Intelligenz spezialisiert hat. Das kombinierte Unternehmen wird als Forekast Group agieren und hat einen Unternehmenswert von 105 Millionen US-Dollar. Forekast hat in den letzten 5 Jahren ein starkes Wachstum mit einer CAGR von über 20% gezeigt.
Das Ziel der Fusion ist es, das Wachstum von Forekast zu beschleunigen, die Marktpräsenz zu erweitern und die KI-gesteuerten Lösungen zu verbessern. Der Abschluss der Transaktion wird bis Ende 2024 erwartet, vorbehaltlich der üblichen Abschlussbedingungen und der Zustimmung der Aktionäre. Alle verbleibenden Mittel im Treuhandkonto von EVGR werden für Forschung und Entwicklung, Marketing, Markterweiterung, Talentakquise und potenzielle strategische Übernahmen verwendet.
- Forekast has demonstrated strong double-digit growth with a CAGR of over 20% in the last 5 years
- The merger values Forekast at an enterprise value of $105 million
- The business combination aims to accelerate Forekast's growth and expand its market reach
- Remaining funds from EVGR's trust account will be used for R&D, marketing, and potential acquisitions
- The transaction is subject to various closing conditions, including SEC filings and shareholder approvals
- Potential shareholder dilution due to the merger and associated capital raising
Insights
This merger marks a significant move for Evergreen and Forekast With an enterprise value of
Forekast's specialization in augmented intelligence and AI-driven insights positions it well in the rapidly evolving tech landscape. Their focus on enhancing business operations, customer experiences and workforce capabilities aligns with current market demands. The merger with EVGR could provide the necessary capital to accelerate Forekast's technological advancements and market penetration. However, the tech sector is highly competitive and Forekast will need to maintain its innovation pace to stay ahead. The emphasis on flexible and scalable solutions is promising, but investors should monitor how effectively Forekast can integrate and leverage EVGR's resources to enhance its technological offerings and maintain its growth trajectory in an increasingly crowded AI solutions market.
This merger represents a strategic move to capitalize on the growing demand for AI-powered solutions across industries. Forekast's track record of strong double-digit growth and its focus on midsize to large enterprises indicate a solid market position. The planned expansion into new geographical markets and untapped channels could significantly boost Forekast's global footprint and revenue streams. However, investors should be aware of potential challenges in adapting to diverse market needs and competition from established players. The
Forekast connects today’s business needs to tomorrow’s technology.
Forekast continues to innovate, offering flexible and scalable solutions tailored to meet the evolving needs of clients across multiple industries.
NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Evergreen Corporation (NASDAQ: EVGR), a special purpose acquisition company (“EVGR”), today announced that they have entered into a definitive agreement and plan of merger (the “Business Combination Agreement”) under which EVGR will merge with Forekast Limited (“Forekast”). Following the closing, the combined company will operate as Forekast Group (“PubCo”).
Forekast is a technology managed services provider specializing in augmented intelligence, integrating AI-driven insights to enhance business operations, customer experiences, and workforce capabilities. Forekast has a proven consistent track record with strong double digit growth in revenue and profits, with a CAGR of more than
This strategic merger aims to accelerate Forekast’s growth, expand its reach into new markets, and enhance its technology managed services offerings, positioning the company to meet the increasing demand for technology managed services and AI-powered solutions across industries.
Abdul Rahman, CEO of Forekast, said, “We are excited to announce this combination with EVGR. This merger will see both parties bringing our combined strengths together, building on our solid foundation, while leveraging this powerful platform to drive growth as we propel the group to greater heights.”
Forekast has the experience to serve midsize and large enterprises, and Forekast’s approach to technology managed services and augmented intelligence empower organizations with insights that improve decision-making, enhance operational efficiency and workforce capabilities, and deliver meaningful customer experiences. With this business combination and associated capital raised, Forekast will continue to grow its client base and improve solutions that help businesses thrive in an increasingly complex and digital landscape.
Izmet Iskandar, CFO of EVGR, said, “We are delighted to announce this business combination agreement at a time when AI is reshaping industries across the globe. AI offers enormous growth potential that could contribute over
Forekast is also poised to extend its reach through untapped channels and market penetration strategies. By entering new geographical markets, the Group can tap into a broader customer base and uncover new growth opportunities, tailoring offerings to meet the unique needs of diverse markets, and driving global expansion and brand recognition.
Transaction Overview:
Under the terms of the Business Combination Agreement, the transaction values Forekast at an enterprise value of
The boards of directors of Forekast and EVGR have each approved the proposed Business Combination, the consummation of which is subject to various customary closing conditions, including the filing and effectiveness of a Registration Statement on Form F-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), and the approval of the shareholders of Forekast and EVGR. Completion of the proposed Business Combination is expected to be in the year end of 2024.
Additional information about the proposed Business Combination, including a copy of the Business Combination Agreement, will be provided in a Current Report on Form 8-K to be filed by EVGR with the SEC (the “Current Report”). Additional information about the proposed Business Combination will be described in the Registration Statement relating to the proposed Business Combination, which EVGR and Forekast will prepare and file with the SEC.
Advisors
EF Hutton LLC is serving as capital markets advisor and Loeb & Loeb LLP is serving as legal counsel to EVGR.
About Forekast
Forekast specializes in augmented intelligence, offering AI-driven insights that enhance business operations, customer experiences, and workforce capabilities. With a focus on technology managed services, Forekast helps businesses navigate the complexities of modern markets while maintaining flexibility and operational efficiency. For more information, visit www.forekastgroup.com.
About Evergreen Corporation
The focus of Evergreen Corporation (Nasdaq: EVGR), a special purpose acquisition company is on technology that will help the industry. In line with this, EVGR intends to pursue investment opportunities with technology companies that have large and growing addressable markets, significant revenue growth, defensible business models and technological research capabilities in a leading position in the industry.
Important Information About the Proposed Business Combination and Where to Find It
For additional information on the proposed transaction, see EVGR’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, EVGR intends to file relevant materials with the SEC, including a Registration Statement with the SEC, and will file other documents regarding the proposed transaction with the SEC. EVGR’s shareholders and other interested persons are advised to read, when available, the Registration Statement and preliminary proxy statement and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the Business Combination, as these materials will contain important information about Forekast and EVGR and the Business Combination. Promptly after the Registration Statement is declared effective by the SEC, EVGR will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the Business Combination and other proposals set forth in the proxy statement. Before making any voting or investment decision, investors and shareholders of EVGR are urged to carefully read the entire proxy statement, when available, and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the proposed transaction. The documents filed by EVGR with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to EVGR at address Lot 1.02, Level 1, Glo Damansara, 699, Jalan Damansara, Taman Tun Dr Ismail, 60000 Kuala Lumpur, Malaysia.
Participants in the Solicitation
EVGR and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from EVGR’s shareholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in EVGR will be included in the proxy statement for the proposed Business Combination when available at www.sec.gov. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed Business Combination when it becomes available. These documents can be obtained free of charge from the source indicated above.
Forekast and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of EVGR in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement for the proposed Business Combination.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement filed with the SEC. Shareholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the AI market; (ii) Forekast’s growth prospects and market size; (iii) Forekast’s projected financial and operational performance; (iv) new product and service offerings by Forekast may introduce in the future; (v) the potential transaction, including the implied enterprise value and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of EVGR’s securities; (vii) the failure to satisfy the conditions to the consummation of the proposed Business Combination, including the approval of the proposed Business Combination by the shareholders of EVGR (viii) the effect of the announcement or pendency of the proposed Business Combination on EVGR’s or Forekast’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against EVGR or Forekast related to the proposed Business Combination or any agreement related thereto; (x) the ability to maintain the listing of EVGR on Nasdaq; (xi) the price of EVGR’s securities, including volatility resulting from changes in the competitive and regulated industry in which Forekast operates, variations in performance across competitors, changes in laws and regulations affecting Forekast’s business and changes in the combined capital structure; (xii) the ability to implement business pans, forecasts, and other expectations after the completion of the proposed Business Combination and identify and realize additional opportunities; and (xiii) other statements regarding EVGR’s or Forekast’s expectations, hopes, beliefs, intentions and strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.
You should carefully consider the risks and uncertainties described in the “Risk Factors” section of EVGR’s final prospectus, dated February 8, 2022, for its initial public offering and, the Registration Statement and proxy statement relating to the transaction, which is expected to be filed by EVGR with the SEC, other documents filed by EVGR from time to time with SEC, and any risk factors made available to you in connection with EVGR, Forekast, and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Forekast and EVGR) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. EVGR and Forekast caution that the foregoing list of factors is not exclusive.
No Offer or Solicitation
This press release relates to a proposed Business Combination between EVGR and Forekast, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of EVGR or Forekast, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Company Contact:
Izmet Iskandar Ramli
Chief Financial Officer
izmet@evg-corp.com
+6 012 390 9240
FAQ
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