News & Events zu Quantumsphere Acquisition Corp (QUMS)QUMSQuantumsphere Acquisition Corp

Fortune Favor Technology Enters Merger Agreement with Quantumsphere, Valued at Approximately $600M

Fortune Favor Technology announced that it has entered into an agreement and plan of merger with Quantumsphere Acquisition, Fortune Favor Global Group and QUMS Merger Sub, pursuant to which merger sub will merge with and into the company, with the company surviving as a wholly owned subsidiary of the purchaser, and Quantumsphere will merge with and into the purchaser, with the purchaser surviving as the publicly traded company. Fortune Favor Technology is principally engaged in providing technology consulting services and comprehensive solutions for medical cold-chain transportation. Pursuant to the agreement, Quantumsphere will merge with and into purchaser, its wholly owned subsidiary, with purchaser surviving the merger and becoming the publicly listed company, and merger sub, a wholly owned subsidiary of purchaser, will merge with and into Fortune Favor, with Fortune Favor surviving as a wholly owned subsidiary of purchaser, in each case subject to the terms and conditions of the agreement. The proposed transaction implies a pre-money equity value of approximately $600M for the company. The parties may also cooperate in connection with any additional financing arrangements sought in connection with the proposed transaction. The proposed transaction, which has been approved by the boards of directors of both Quantumsphere and Fortune Favor, is subject to regulatory approvals, the approvals by the shareholders of Quantumsphere and Fortune Favor, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission, and the approval by Nasdaq of the listing application of the combined company.