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SPAC Altimeter Growth gains after holders approve deal to take Grab public
SPAC $Altimeter Growth Corp (AGC.US)$rose 3% in after hours trading after holders approved the deal to take Southeast Asian ride-sharing company Grab public.
Shareholder redemptions were almost 0%, at 0.02%, according to a statement. The transaction is expected to close tomorrow and Grab is expected to begin trading on the Nasdaq under the ticker symbol "GRAB" Thusday.
Grab is Southeast Asia's most valuable startup and is set to undergo a merger with Altimeter at a valuation of $40B.
The deal is expected to be one of the largest-ever U.S. equity offering by a Southeast Asian company. A public debut from Grab will offer investors access to a regional consumer market of more than 655M people across countries including Indonesia, Thailand and Vietnam.
Earlier this month, Brad Gerstner's SPAC Altimeter Growth announced that that the SEC declared effective the Form F-4 registration statement of Grab Holdings and set the shareholder vote for today.
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Austin ONeill : Great news. Long AGC and soon GRAB.
BOOMbilily Austin ONeill : r u sure? what do the shorties know that they're will to hold 40% short at an insane 138% fee?
Freddie Strike : We don't need any more structurally unprofitable companies.