Asia Innovations Group Limited entered into an agreement to acquire Magnum Opus Acquisition Limited (NYSE:OPA) in a reverse merger on September 29, 2022. Upon completion of the proposed Business Combination, the combined company will be named "Asia Innovations Group Limited." ASIG's ordinary shares are expected to be listed under the proposed new ticker symbol "ASIG". The Business Combination Agreement and the transactions contemplated thereby were unanimously approved by the board of directors of the Magnum Opus Acquisition Limited. The proposed business combination transaction (the "Business Combination") provides for an equity valuation of $2.5 billion for the combined company. The transaction is subject to approval of Competition Authorities, Magnum Opus's shareholders? approval, Asia Innovations Group's shareholder approval and listing of Asia Innovations Group Limited shares on stock exchange. The transaction is expected to close in the first quarter of 2023. As of February 10, 2023, the transaction is expected to close in the first half of 2023. The proceeds of the transaction are expected to support ASIG?s continued growth by expanding the global reach of its products and services, further growing its user base, and pursuing accretive acquisition opportunities. On May 22, 2023, the Magnum Opus management determined to extend the termination date by which the Company must consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination to June 25, 2023 (the ?Third Extension?). On June 22, 2023, the Management determined to further extend the termination date to July 25, 2023 (the ?Fourth Extension?).

Jesse Sheley, David Zhang, Steve Lin and Joseph Raymond Casey of Kirkland & Ellis is acting as legal advisor, Evercore and Incentrum Group are acting as financial advisors to Asia Innovations. XCap Partners Limited and The Jones Group are acting as corporate financial advisors to Asia Innovations. Steve Sha, Jessica Zhou, Joel Rubinstein, David Albagli, Steven Gee, Victoria Rosamond, Aaron Feuer, Tim Hickman, Paul Pittman, Rahul Guptan, James Hsiao and Leslie Lin of White & Case is acting as legal advisor to Magnum Opus. Maples and Calder (Hong Kong) LLP is acting as Cayman Islands legal advisor, Morrow & Co., LLC acted as proxy solicitor and Continental Stock Transfer & Trust Company acted as transfer agent to Asia Innovations and Magnum Opus.

Asia Innovations Group Limited cancelled the acquisition of Magnum Opus Acquisition Limited (NYSE:OPA) on January 22, 2024.