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AVN cancels planned SPAC Nasdaq listing
The subsidiary of MNC Vision Networks has nixed its plans to become a Nasdaq-listed company through a SPAC transaction with Hong Kong's Malacca Straits Acquisition Company, citing a crowded market.
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MNC Group chairman and CEO Hary Tanoesoedibjo (Bloomberg/File)
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T Asia Vision Network (AVN) has called off a merger with a blank check company and thus aloso scrapped a plan to list its shares through on Nasdaq, the United States stock exchange popular among technology companies.
AVN, a subsidiary of media company PT MNC Vision Networks, had planned to list its shares on Nasdaq through a merger with Malacca Straits Acquisition Company, a special purpose acquisition company (SPAC) that trades on Nasdaq as MLAC.
MNC Vision Networks corporate secretary Muharzi Hasril said AVN decided to cancel its planned merger and listing because of a fall in share prices, due to an overcrowded market and this year’s boom in SPAC transactions on Nasdaq.
Read also: AVN joins SPAC boom for planned Nasdaq listing
“After various road shows, MLAC and AVN finally agreed not to proceed with the transaction,” Muharzi said in a written statement on Sept. 16.
“Another factor that led to this decision is the increasing interest from investors [on the Indonesian bourse] in digital companies, which is part of AVN’s business focus.
Prior to announcing its canceled listing plans, the combined value of AVN and MLAC shares was an estimated US$573 million. The SPAC transaction would have achieved net proceeds of around $135 million for AVN, assuming that the public shareholders of Hong Kong-based Malacca Straits did not redeem their shares or adjust the purchase price.
