Aquaron Acquisition, Bestpath enter definitive merger agreement

Bestpath and Aquaron Acquisition Corp. announced that they have entered into a definitive merger agreement that will result in Bestpath being operated under a holding entity named Bestpath Group Limited, an exempted company incorporated in Cayman Islands and plans to trade on the Nasdaq Stock Market. The Proposed Transaction reflects an initial equity value of approximately $1.2B. The Proposed Transaction values the combined company upon the closing of the Proposed Transaction at an implied pro forma pre-money enterprise value of approximately $1.2B at a price of $10.00 per share. Upon closing, the current shareholders of Bestpath will retain a majority of the outstanding shares of the Combined Business and Bestpath will designate a majority of the proposed directors for the Combined Company board. Proceeds from the Proposed Transaction are expected to be utilized for working capital and general corporate purposes. The board of directors of both Bestpath and Aquaron have unanimously approved the Proposed Transaction, which is expected to be completed later this year, subject to, among other things, completion of Bestpath’s internal reorganization, approval by the shareholders of Aquaron and Bestpath, regulatory approvals and other customary closing conditions, including a registration statement on Form F-4 to be filed by the Pubco being declared effective by the SEC, and the listing application of the Pubco being approved by the Nasdaq Stock Market.