Gesher and Freightos merger and listing plans progress

Image: Shutterstock

Publicly-traded special purpose acquisition company Gesher I Acquisition Corp. and cargo booking portal Freightos have progressed their plans to merge and list the portal on the NASDAQ exchange.

In June, Freightos and Gesher entered into a definitive merger agreement to see the portal being listed on the NASDAQ stock exchange.

The companies have now announced the confidential submission to the US Securities and Exchange Commission (SEC) of a draft registration statement on Form F-4 relating to their previously announced proposed business combination.

“Following our record results announced for the second quarter of 2022, which included 137% year-over-year growth in gross booking value (GBV), we’re excited that this submission takes us a step closer to the public markets,” said Zvi Schreiber, chief executive of Freightos.

“We’re looking forward to scaling our digital freight booking and payment platform, providing the world’s supply chains with the digital tools required to contend with ongoing issues of worsening weather conditions, labour disputes, and the conflict in Europe.”

Ezra Gardner, chief executive of Israel-based Gesher, said: “Following the combination, Freightos will be the only pure-play public global freight platform investment opportunity available, and we’re excited to partner with Zvi and his team on this enormous market opportunity.

“The Gesher team has been impressed with the record growth in Freightos’ key performance metrics since the announcement of the business combination and we look forward to completing the proposed transaction.”

In connection with the proposed business combination with Gesher, the combined entity has obtained $80m in capital commitments. The capital raised from the transaction will be invested to further scale the business, driving increased value for users, and improving margins.

The business combination deal is expected to close in the second half of 2022 or early 2023.

Freightos set for listing following merger with Gesher




Share this story

Related Topics

Latest business news

Unsworth prepares customers for new UK import rules for EU animal and plant shipments

Freight forwarder Unsworth has been preparing customers for the next stage of the UK’s Border Target Operating Model (BTOM) that…

Read More

Share this story

DHL Express adds direct Hong Kong-Australia freighter flights

DHL Express has added a new flight between Hong Kong and Oceania to cater for rising demand. The new service…

Read More

Share this story

Dachser takes majority stake in Dachser & Fercam Italia

Dachser has acquired 80% of the shares in the joint venture Dachser & Fercam Italia, effective March 28. This completes…

Read More

Share this story

Rebecca Jeffrey

Rebecca Jeffrey
New to aviation journalism, I joined Air Cargo News in late 2021 as deputy editor. I previously worked for Mercator Media’s six maritime sector magazines as a reporter, heading up news for Port Strategy. Prior to this, I was editor for Recruitment International (now TALiNT International). Contact me on: [email protected]