- Composite Analysis Group, Inc., an affiliate of Safer Logistics, LLC, to provide $10 million backstop commitment
NEW YORK and TEL AVIV, Israel, April 19, 2022 /PRNewswire/ -- Gesher I Acquisition Corp. ("Gesher" or the "Company") (NASDAQ:GIAC) announced today that Composite Analysis Group, Inc. ("Composite"), an affiliate of Safer Logistics, LLC, has agreed to provide Gesher $10,000,000 of committed capital (the "Backstop Commitment") to backstop redemptions by shareholders of Gesher in connection with Gesher's initial business combination if certain minimum cash conditions are not met. This is the second backstop commitment Gesher has obtained.
"Our investors have a long and prosperous history with the Gesher management team. Technology is revolutionizing our industry, and our investors are looking forward to supporting Gesher's effort to create value for its shareholders and build on Gesher's already impressive track record," stated Johnny Jones, Executive Chairman of Safer Logistics.
In exchange for the Backstop Commitment, at the closing of an initial business combination, the Company has agreed to issue and sell to Composite 1,000,000 ordinary shares at a purchase price of $10 per share and 100,000 warrants, subject to the terms and conditions of the backstop agreement and as described in the Company's Current Report on Form 8-K to be filed today.
"Gesher has differentiated itself from other SPACs by building relationships over decades of investing by the Gesher sponsor management team. Our investors' commitments of additional capital demonstrate their deep faith in our team," said Ezra Gardner, CEO of Gesher.
The latest sourcing of capital follows a purchase of forward purchase units by a fund managed by M&G Investment Management Limited, which Gesher announced last month. M&G has committed to acquire 4,000,000 units of the Company at a purchase price of $10.00 per unit and to provide the Company with up to $10,000,000 of committed capital to serve as a backstop facility in connection with Gesher's initial business combination.
Gesher I Acquisition Corp. is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to initially focus on target businesses located in Israel, particularly those conducting business internationally in Asia, Europe or North America.
Safer Logistics is a U.S.-based logistics company with an established history of solving complex and time-sensitive supply chain problems for Fortune 500 companies, government agencies and other customers. Safer repositions critical goods and merchandise for rapid deployment. The company has a continuous history of working directly with the Federal government, including the Federal Emergency Management Agency. Additionally, SAFER has an extensive track record of successfully coordinating logistics for agencies in numerous states, including Florida, Texas, Louisiana, Mississippi. Safer Logistics strives to promote growth for its customers, business partners and employees through its commitment to success and by honoring its core values including service, family, diversity, quality, resourcefulness and teamwork.
The above press release contains statements that constitute "forward-looking statements" under the U.S. federal securities law, including statements regarding a potential future business combination that are not historical facts.
These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or other business combination and any other statements that are not statements of current or historical facts. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to our: (i) ability to complete our initial business combination; (ii) success in retaining or recruiting, or changes required in, our officers, key employees or directors following an initial business combination; (iii) officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; (iv) potential ability to obtain additional financing to complete an initial business combination; (v) pool of prospective target businesses; (vi) the ability of our officers and directors to generate a number of potential investment opportunities; (vii) potential change in control if we acquire one or more target businesses for stock; (viii) potential changes in the rules and regulations relating to special purpose acquisition companies; and (ix) the factors described under the heading "Risk Factors" in our prospectus dated October 21, 2021 filed with the SEC, which can be accessed on the EDGAR section of the SEC's website at www.sec.gov. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Contacts
Edelman
Ira Gorsky
[email protected]
Jessica Resnick-Ault
[email protected]
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SOURCE Gesher I Acquisition Corp.