- Nidar Infrastructure and special purpose acquisition company Cartica Acquisition (NASDAQ:CITE) on Monday said they have entered into a definitive agreement and plan of merger for a business combination.
- Nidar is India’s data center provider for artificial intelligence and high-performance compute.
- The pre-transaction equity value of Nidar implied by the business combination terms is approximately $2.75 billion.
- In connection with the business combination, each Class A ordinary share, par value $0.0001 per share, of Cartica and each Class B ordinary share, par value $0.0001 per share, of Cartica will be converted into one ordinary share of Nidar.
- Additionally, each warrant to purchase a Cartica Class A share will be converted into the right to receive a corresponding warrant to purchase one Nidar Ordinary share
- Cartica maintains a trust account in the amount of approximately $25 million, as of April 4.
- All proceeds to Nidar from the business combination are expected to be used by Nidar to execute its business plan and for general working capital purposes.
- Source: Press Release
2024-06-24