Monday 27 March 2023

US-based special purpose acquisition company Northern Revival acquisition Corp. (NASDAQ: NRAC) has entered into a business combination agreement with Australian agriculture solutions and analytics services company Braiin Ltd., in a transaction that values the combined company at approximately USD 215m, the company said.

Under the BCA, NRAC will acquire all the outstanding shares of Braiin from its existing shareholders in exchange for newly issued ordinary shares of NRAC. Braiin shareholders holding 100% of its currently outstanding ordinary shares have signed on to sell their shares to NRAC under the BCA. Prior to closing, all convertible securities of Braiin will be converted into Braiin ordinary shares, which will also be exchanged for NRAC ordinary shares.