SPAC Northern Revival Acquisition Corp. (NASDAQ:NRAC) plans to merge with Australian agritech Braiin Limited through a deal that values the combined company at $215M.
Northern Revival expects the deal to close in either Q2 or Q3. It added that prior to the merger deal, it entered into a forward purchasing agreement with Meteora for the purchase of up to 2.5M shares at $10 per share.
Based in Western Australia, Braiin offers a technology platform for farm management that includes aerial robots for crop spraying, supply chain and payment software, and Internet connectivity for remote areas. The company has offices in six countries.
Northern Revival held its initial public offering in February 2021, raising gross proceeds of around $242M.