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SMX lists on Nasdaq
Australia-based track and trace technology company Security Matters has merged with a special purpose acquisition company in order to list on Nasdaq via a new Irish subsidy.
Lauren Croft
Firm: K&L Gates (Security Matters Limited)
Value: US$360 million
Area: Merger and acquisition
Key players: The K&L Gates team was led by Melbourne partner Harry Kingsley and New York partner Robert Matlin and included New York partner Jonathan Barron and Raleigh partner Julie Rizzo.
Deal significance: The transaction involves a take private via a cancellation scheme of arrangement in Australia and a business combination with the SPAC simultaneously. On the closing of the transaction, the ordinary shares and warrants of SMX Ireland are expected to trade on Nasdaq, and SMX will cease to be quoted on the ASX.
Security Matters Limited is engaged in the development and the commercialisation of track and trace technology for a wide variety of industries and offers a business-to-business (B2B), white-label solution that serves market leaders’ needs for authentication, supply chain integrity, and quality assurance. The company serves a range of markets, such as chemistry, plastics, electronics, precious metals and minerals, food and beverage, and agriculture.
Commenting on the deal, the firm noted: “While U.S. SPAC transactions and Australian schemes of arrangement occur regularly, coordinating a transaction involving a simultaneous scheme in Australia and de-SPAC transaction in the U.S. involving tax considerations in four jurisdictions increases the degree of difficulty exponentially. The K&L Gates global network was instrumental in ensuring matters ran smoothly.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
