Caravelle Group to Become Publicly Traded via Merger with Pacifico Acquisition Corp

Caravelle Group Co., Ltd announced that it has entered into a definitive merger agreement with Pacifico Acquisition Corp.

April 07, 2022. By News Bureau

Caravelle Group Co., Ltd, an ocean technology company providing international shipping services and a carbon-neutral solution for wood desiccation, announced that it has entered into a definitive merger agreement with Pacifico Acquisition Corp., a publicly traded special purpose acquisition company or SPAC.

The transaction values the combined company at a pro forma enterprise value of approximately $527 million with existing Caravelle shareholders rolling over 100% of their equity into the combined company.

The transaction is expected to provide approximately $100 million of cash proceeds, including an anticipated $60 million PIPE and up to $58 million of cash held in the trust account of Pacifico assuming no redemptions by Pacifico stockholders.

These values exclude $350 million of earn-out shares that would be paid in common stock if applicable revenue-based requirements are met in 2023. Upon completion of the transaction, which is anticipated in the fall of 2022, the combined company will operate as Caravelle International Group and is expected to remain listed on Nasdaq.

Dr. Guohua Zhang, CEO of Caravelle, welcomed the signing of the agreement between Pacifico and Caravelle, saying, "Being what we believe will be the first ocean-carbon neutral technology public company on Nasdaq, Caravelle hopes to jump start the ocean economy and carbon neutral technology into exponential growth, as well as achieve ESG goals in the ocean transportation industry."

Mr. Edward Cong Wang, CEO of Pacifico commented, "The Pacifico team is excited to work with Caravelle as it continues to carry out its goal, which began more than five years ago. Our respective teams believe that today's success necessitates alignment with secular shifts toward ESG; Caravelle's commitment to utilize ocean carbon-neutral co-tech to revolutionize the timber industry is unprecedented. We are committed to assisting Caravelle in its transition from a great private company to a great public company by leveraging our deep understanding in both private and public capital markets."

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