Mar 2023
Conyers has provided Cayman Islands legal advice to GLAAM Co., Ltd (“GLAAM”), a corporation organised under the laws of Korea, on its proposed business combination with Nasdaq-listed Jaguar Global Growth Corporation I (“Jaguar”), a Cayman Islands blank-cheque company. GLAAM is the world’s first and only large-scale provider of architectural media glass and manufactures an integrated architectural IT product, G-Glass, that combines architectural glass with customisable, large-scale digital media display capabilities. The product allows buildings to be transformed into huge digital art canvases, transmit real-time event broadcasts, and become interactive experiences through sensors and smartphone connectivity.
Under the terms of the proposed business combination, which is expected to close in Q3 2023, the shareholders of GLAAM and Jaguar will exchange their current shares for shares in a new combined company to be listed on the Nasdaq Stock Market under a new ticker symbol.
The transaction, which is still subject to the satisfaction or waiver of a number of conditions, will reflect a pro forma enterprise value of US$309 million (assuming no redemptions by Jaguar’s shareholders) with up to US$200 million in net cash on the balance sheet to fuel growth.
Partner Matthew Stocker, Counsel Alex Davies and Associate Matthew Harkness of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside White & Case LLP as US counsel.
Further details of the transaction are available on Jaguar’s website here.