Hypebeast Plans To List On NASDAQ through Merger With Iron Spark I Inc.; The Merger Is Expected To Result In A Pro Forma Equity Valuation Of $534M
$ISAA
Consumer Electronics/Appliances
Industrials
- Founded in 2005, Hypebeast is a thriving digital media and e-commerce company focused on culture and lifestyle with over 26 million followers worldwide.
- Its global community of creators and consumers spanning 80+ countries enables leading brands to connect and engage with Gen-Z and millennial audiences.
- High margin, consistently profitable business to generate not less than US$112 million in revenue in fiscal year ended March 31, 2022; achieved a CAGR of 34% from 2015 to 2021.
- Merger with Iron Spark is expected to provide up to US$180 million in total gross proceeds and is expected to result in a pro forma equity valuation of US$534 million.
- Hypebeast intends to use transaction proceeds to make investments across technology, talent, brand experiences, and marketing in support of continued growth as an omnichannel media and e-commerce business.
- Hypebeast is expected to be dual-listed on NASDAQ under the ticker symbol $HYPE, and its existing listing on the Hong Kong Stock Exchange under the stock code 00150.HK, following an anticipated transaction close in the third quarter of 2022.
- Former President of NIKE, Trevor Edwards, is expected to be nominated as a director of Hypebeast.