Metal Sky Star Acquisition Corporation entered into a non-binding letter of intent to acquire Okidoki OÜ.
Metal Sky Star Acquisition has entered into a non-binding letter of intent (LOI) for a business combination with Okidoki OÜ, Estonia's leading general classifieds platform. Founded in 2007, Okidoki boasts over 800,000 registered users, including more than 2,000 business accounts. The proposed transaction values Okidoki at a total equity value of $120 million.
Under the terms, Okidoki's existing equity holders would roll 100% of their equity into the combined public company. The definitive agreement is expected to be announced in Q4 2024. This partnership aims to facilitate Okidoki's expansion into new markets and potential listing on Nasdaq. However, the transaction remains subject to board and equity holder approvals, regulatory clearances, and other customary conditions.
Metal Sky Star Acquisition ha stipulato una lettera di intenti non vincolante (LOI) per una combinazione aziendale con Okidoki OÜ, la principale piattaforma di annunci generali in Estonia. Fondata nel 2007, Okidoki vanta oltre 800.000 utenti registrati, inclusi più di 2.000 account aziendali. La transazione proposta valorizza Okidoki a un valore totale di equity di 120 milioni di dollari.
Secondo i termini, gli attuali azionisti di Okidoki trasferirebbero il 100% della loro equity nella società pubblica combinata. L'accordo definitivo dovrebbe essere annunciato nel Q4 2024. Questa partnership mira a facilitare l'espansione di Okidoki in nuovi mercati e a una potenziale quotazione su Nasdaq. Tuttavia, la transazione è soggetta all'approvazione dei consigli di amministrazione e degli azionisti, alle autorizzazioni normative e ad altre condizioni consuete.
Metal Sky Star Acquisition ha entrado en una carta de intención no vinculante (LOI) para una combinación de negocios con Okidoki OÜ, la principal plataforma de anuncios clasificados en Estonia. Fundada en 2007, Okidoki cuenta con más de 800,000 usuarios registrados, incluidos más de 2,000 cuentas comerciales. La transacción propuesta valora a Okidoki en un valor total de capital de 120 millones de dólares.
Según los términos, los actuales accionistas de Okidoki transferirían el 100% de su capital a la empresa pública combinada. Se espera que el acuerdo definitivo sea anunciado en Q4 2024. Esta asociación tiene como objetivo facilitar la expansión de Okidoki en nuevos mercados y una posible cotización en Nasdaq. Sin embargo, la transacción sigue sujeta a las aprobaciones del consejo y accionistas, la obtención de permisos regulatorios y otras condiciones habituales.
메탈 스카이 스타 인수(Metal Sky Star Acquisition)는 에스토니아의 주요 일반 분류 플랫폼인 Okidoki OÜ와의 사업 결합을 위한 비구속 의향서 (LOI)를 체결했습니다. 2007년에 설립된 Okidoki는 80만 명 이상의 등록 사용자를 자랑하며, 이에는 2,000개 이상의 기업 계정이 포함됩니다. 제안된 거래는 Okidoki의 총 자본 가치를 1억 2천만 달러로 평가합니다.
약정 조건에 따라 Okidoki의 기존 주주들은 100%의 지분을 결합된 상장 기업으로 이전할 것입니다. 최종 계약은 2024년 4분기에 발표될 것으로 예상됩니다. 이번 파트너십은 Okidoki의 새로운 시장으로의 확장과 Nasdaq 상장을 지원하는 것을 목표로 하고 있습니다. 그러나 거래는 이사회 및 주주의 승인, 규제 승인 및 기타 일반적인 조건에 따릅니다.
Metal Sky Star Acquisition a signé une lettre d'intention non contraignante (LOI) pour une combinaison d'affaires avec Okidoki OÜ, la principale plateforme de petites annonces en Estonie. Fondée en 2007, Okidoki compte plus de 800 000 utilisateurs enregistrés, dont plus de 2 000 comptes professionnels. La transaction proposée valorise Okidoki à une valeur totale de capital de 120 millions de dollars.
Selon les termes, les actionnaires existants d'Okidoki transféreraient 100 % de leur capital à la société publique combinée. L'accord définitif devrait être annoncé au Q4 2024. Ce partenariat vise à faciliter l'expansion d'Okidoki sur de nouveaux marchés et une éventuelle cotation sur le Nasdaq. Cependant, la transaction reste soumise à l'approbation du conseil et des actionnaires, aux autorisations réglementaires et à d'autres conditions habituelles.
Metal Sky Star Acquisition hat einen nicht verbindlichen Letter of Intent (LOI) für eine Unternehmenszusammenführung mit Okidoki OÜ, der führenden allgemeinen Kleinanzeigenplattform Estlands, unterzeichnet. Gegründet im Jahr 2007, verfügt Okidoki über mehr als 800.000 registrierte Nutzer, darunter mehr als 2.000 Geschäftskonten. Die vorgeschlagene Transaktion bewertet Okidoki mit einem Gesamteigenkapitalwert von 120 Millionen Dollar.
Gemäß den Bedingungen würden die bestehenden Eigenkapitalinhaber von Okidoki 100% ihres Eigenkapitals in das kombinierte öffentliche Unternehmen überführen. Der endgültige Vertrag wird voraussichtlich im Q4 2024 bekannt gegeben. Diese Partnerschaft zielt darauf ab, Okidokis Expansion in neue Märkte zu erleichtern und eine potenzielle Notierung an der Nasdaq zu ermöglichen. Die Transaktion steht jedoch unter dem Vorbehalt der Genehmigungen durch den Vorstand und die Eigenkapitalinhaber, der behördlichen Genehmigungen und anderer üblichen Bedingungen.
- Okidoki has a large user base with over 800,000 registered users
- Proposed transaction values Okidoki at $120 million
- Potential for Okidoki to expand into new markets
- Possibility of Okidoki listing on Nasdaq
- The letter of intent is non-binding
- Transaction is subject to various approvals and conditions
- No guarantee of successful negotiation or completion of the deal
Insights
The LOI between Metal Sky Star Acquisition and Okidoki OÜ represents a potentially significant development for both companies. Okidoki's estimated equity value of
The proposed transaction could provide Okidoki with access to public markets and capital for expansion. For Metal Sky Star, with a current market cap of
Key points to watch include:
- Potential synergies and growth strategies post-merger
- Financial details of the combined entity
- Okidoki's expansion plans and projected revenues
- Any changes in management structure
While promising, the deal's success depends on due diligence, final negotiations and regulatory approvals. Investors should monitor for the definitive agreement expected in Q4 2024 for more concrete financial implications.
This potential acquisition marks a strategic move in the classifieds market. Okidoki's strong presence in Estonia, with over
The proposed deal aligns with global trends of consolidation in the digital classifieds sector. Okidoki's planned expansion into new countries could significantly boost its growth potential, especially if it can replicate its Estonian success. Key factors to consider:
- Competitive landscape in target expansion markets
- Okidoki's technological capabilities for scaling
- Potential for cross-border transactions and increased user base
The merger could enhance Okidoki's competitiveness against global players like eBay Classifieds Group or OLX. However, success will depend on effective localization strategies and adapting to different market dynamics. Investors should assess Okidoki's track record in user acquisition and monetization as indicators of future performance in new markets.
NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation (the “Company”) today announced that it has entered into a non-binding letter of intent (“LOI”) for a business combination with Okidoki OÜ (“Okidoki”). Founded in 2007, Okidoki has become one of Estonia's largest and most popular general classifieds platform. Serving as a trusted marketplace for both individuals and businesses, the platform boasts over 800,000 registered users, including more than 2,000 business accounts. As a vital marketplace for the Estonian community, Okidoki is poised for expansion into new countries.
Under the terms of the LOI, the Company and Okidoki would become a combined entity. Okidoki’s existing equity holders would roll
“We are excited to announce this LOI with Okidoki,” said Wenxi He, CEO of the Company. “Okidoki is one of the leading general classifieds platforms in Estonia, and we believe that this transaction will enable the firm to access more capital and move towards listing on Nasdaq, driving further growth and innovation.”
“We are excited to enter this partnership to meet our commitment to focus on the expansion into new markets,” said Sergei Tsastsin, managing board member of Okidoki. “Leveraging our robust infrastructure, strong brand recognition, and scalable technology, the platform is well-positioned to replicate its success in other markets, offering investors a compelling opportunity to participate in its growth trajectory.”
There are no guarantees that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equity holder approval of both companies, regulatory approvals and other customary conditions.
ABOUT METAL SKY STAR ACQUISITION CORPORATION
The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
IMPORTANT INFORMATION AND WHERE TO FIND IT
If a legally binding definitive agreement with respect to the proposed business combination is executed, the Company intends to file a preliminary proxy statement (a “Deal Proxy Statement”) with the U.S. Securities and Exchange Commission’s (the “SEC”). A definitive Deal Proxy Statement will be mailed to stockholders of the Company as of a record date to be established for voting on the proposed transaction. Stockholders will also be able to obtain a copy of the Deal Proxy Statement, without charge, by directing a request to: Metal Sky Star Acquisition Corporation, 221 River Street, 9th Floor, Hoboken, New Jersey. The preliminary and definitive Deal Proxy Statements, once available, can also be obtained, without charge, at the SEC’s website, www.sec.gov.
This communication may be deemed to be offering or solicitation material in respect of the proposed transaction, which will be submitted to the stockholders of the Company for their consideration. The Company urges investors, stockholders and other interested persons to carefully read, when available, the preliminary and definitive Deal Proxy Statement as well as other documents filed with the SEC (including any amendments or supplements to the Deal Proxy Statement, as applicable), in each case, before making any investment or voting decision with respect to the proposed transaction, because these documents will contain important information about the Company, Okidoki and the proposed transaction.
PARTICIPANTS IN THE SOLICITATION
The Company and its directors, executive officers other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction described herein under the rules of the SEC. Information about the directors and executive officers of the Company is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on August 30, 2024. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders in connection with the potential transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be set forth in the Deal Proxy Statement when it is filed with the SEC. These documents can be, once available, obtained free of charge from the sources indicated above.
NO OFFER OR SOLICITATION
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the Company’s current expectations and are subject to numerous conditions, risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on August 30, 2024, and the Company’s quarterly reports on Form 10-Q filed with the SEC, each available on the SEC’s website, www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts
Wenxi He
Chief Executive Officer
olivia.he@gmail.com
olivia@metalskystar.com
Source: Metal Sky Star Acquisition Corporation
FAQ
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