HK Acquisition Corporation Announces EGM to Approve De-SPAC Deal with Synagistics – ThePrint – ANIpressReleases

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The business combination was first announced on June 28, 2024. The Company and Synagistics have secured investment commitments from ten PIPE investors for an aggregate amount of HKD 551 million.

The Independent Board Committee (“IBC”) established to review the proposed transaction concluded that the proposal was “fair and reasonable” and was in the best interests of the Company and its shareholders. IBC has recommended that independent shareholders vote in favor of resolutions approving the De-SPAC transaction at the upcoming EGM.

The proposed business combination values ​​Synagistics at a negotiated value of HK$3.5 billion. Upon completion of the transaction, Synagistics will become a subsidiary of the Company, whose securities will be publicly traded on the Hong Kong Stock Exchange under the share code 2562.HK and warrant code 2461.HK.

Dr. Norman Chan, President and Chief Executive Officer of HK Acquisition Corporation, said: “We selected Synagistics after an extensive evaluation process and have great confidence in Synagistics’ marketing position, growth potential and capabilities of the management team. We believe that combining with Synagistics will provide attractive shareholder returns and contribute to the development of the digital economy, and we encourage SPAC shareholders to vote in favor of the transaction.”

The most important benefits of the De-SPAC transaction

Synagistics is a pioneer in the digital solutions market in Southeast Asia

As one of the early players in the digital solutions industry in Southeast Asia, Synagistics has established long-term relationships with brands and major e-commerce channels, leveraging its solutions and technology capabilities through its own Synagie platform.

Opportunity to benefit from consumer premiumization in Southeast Asia

As a multi-regional digital solutions provider in Southeast Asia, Synagistics is well-positioned to enable its brand partners to benefit from consumer premiumization trends. Growth will be driven by strong economic growth, a large percentage of young population, a growing number of mass affluent people and high Internet penetration. A scalable, asset-light business model allows Synagistics to more easily improve inventory management, scale its operations, strengthen its partnership ecosystem and drive revenue growth.

De-SPAC proceeds and public market access will further accelerate Synagistics’ growth

The proceeds will be used primarily to expand the brand’s partner network and develop new commercial channels, create opportunities through mergers and acquisitions, joint ventures, strategic investments and alliances, as well as investments in advanced technologies and artificial intelligence and their further implementation.

Details of the EGM

The EGM will be held on October 25, 2024 at 8:00 a.m. at the Hong Kong Room at 28/F, One International Finance Centre, 1 Harbor View Street, Central, Hong Kong. The purpose of the EGM is to obtain approval for the proposed merger of the companies with Synagistics and to adopt other related resolutions.

Shareholders are strongly encouraged to participate and vote in person or by proxy (or to instruct their broker, custodian, nominee or other appropriate person). The proxy form for the EGM is included in the Circular that was sent to shareholders on October 3, 2024 and is available on the website of the Hong Kong Stock Exchange. Beneficial owners whose shares are deposited with CCASS should contact their broker, custodian, nominee or other appropriate person who is or in turn has deposited such shares with an HKSCC participant regarding voting instructions to be issued to such persons.

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About HK Acquisition Corporation

HK Acquisition Corporation (7841: HK) is a special purpose vehicle established for the purpose of acquiring or combining business entities with one or more operating companies or enterprises. The Company completed the SPAC offering of 100,050,000 SPAC Shares at an offering price of HKD 10.00 per SPAC share and 50,025,000 SPAC Warrants on August 15, 2022.

About Synagistics Ptd. z o. o

Synagistics Pte. Ltd. operates Synagie, a data-driven digital solutions platform in Southeast Asia. According to China Insights, Industry Consultancy Limited was ranked among the top ten digital solution providers in Southeast Asia with a market share of approximately 3.0% in terms of revenue in 2023. It provides its brand partners with integrated digital solutions through two core propositions: ( 1) its direct-to-brands model helps brands manage the full spectrum of their e-commerce businesses while providing customers with a unified experience across the entire consumer journey, and (2) its direct-to-consumers model sells brands’ products directly to consumers through online stores owned by Synagistics and operating under its brand partners through various e-commerce channels.

These materials are not intended for distribution, direct or indirect, in or into the United States or any jurisdiction where such distribution is not permitted. These materials do not constitute or form part of any offer or solicitation of any offer to buy or subscribe for any securities in the United States. The securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933.

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