20Cube Logistics Pte Ltd entered into a definitive business combination agreement to acquire Evo Acquisition Corp. from Evo Sponsor LLC and others for $260 million in a reverse merger transaction.
The transaction is subject to the approval of Evo and 20Cube shareholders; expiration of any waiting period under applicable antitrust laws; Evo having at least $5,000,001 in net tangible assets; effectiveness of the Registration Statement; Shares having been approved for listing on Nasdaq; requisite regulatory approval; certain ancillary documents, Registration Rights Agreement, Warrant Agreement Amendment and Sponsor Letter shall be in full force; and other customary conditions. The transaction has been approved by each of Evo's and 20Cube's Board of Directors. The transaction is expected to close in the first quarter of 2023.
Drake Star Partners acted as financial advisor and Louis Lehot, Brandee Diamond, Paul Broude, Kevin Shuler, Carrie Long, Raj Tanden, Marina Choundas and Eric Chow of Foley & Lardner LLP acted as legal advisor to 20Cube. B. Riley Securities acted as financial advisor and Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP acted as legal advisor to Evo. Continental Stock Transfer & Trust Company acted as transfer agent and Advantage Proxy, Inc. acted as information agent to Evo.