By Sherry Qin
Big Tree Cloud International Group, a Chinese personal care product company, will merge with Plutonian Acquisition Corp., a blank-check acquisition company, and be listed in the U.S.
The merger will value the combined company at approximately $500 million, at a price of $10 per share, the companies said in a joint statement Tuesday. The deal is expected to be completed in the first half of 2024, subject to shareholder and regulatory approvals.
After merging with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd. and be traded on the Nasdaq Stock Market, the statement said.
The current shareholder of Big Tree Cloud International will own a majority of the combined business’ outstanding shares and proceeds will be used for working capital and general corporate purposes, the statement added.
Big Tree Cloud, founded in 2020, develops, produces and sells personal care and other consumer goods in China.
The merger “will enable us to accelerate our effort of accomplishing our mission of offering premium personal care products to consumers and expanding our product portfolio beyond feminine care,” Wenquan Zhu, founder and chairman of the board of Big Tree Cloud said.
Write to Sherry Qin at [email protected]
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