Gesher and Freightos merger and listing plans progress
14 / 09 / 2022
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.