By Sherry Qin
Chinese personal care product company Big Tree Cloud International Group is set to merge with blank-check acquisition company Plutonian Acquisition Corp., resulting in a listing on the U.S. stock market.
According to a joint statement released on Tuesday, the merged company will have an estimated valuation of around $500 million, with each share priced at $10. The completion of the deal is anticipated in the first half of 2024, pending approval from shareholders and regulatory bodies.
Following the merger, Big Tree Cloud International Group will operate as part of a holding entity called Big Tree Cloud Holdings Ltd., and its shares will be traded on the Nasdaq Stock Market, as stated in the release.
The current shareholder of Big Tree Cloud International will hold the majority of outstanding shares in the combined business, with proceeds being allocated towards working capital and general corporate purposes.
Big Tree Cloud, established in 2020, specializes in the development, production, and sale of personal care products and other consumer goods in China.
Wenquan Zhu, founder and chairman of the board of Big Tree Cloud, expressed that the merger will help accelerate their mission of providing high-quality personal care products to consumers and expanding their product portfolio beyond feminine care.