Hotel101 is ready to listing on Nasdaq by the tip of the month.
MANILA, Philippines – Hotel101 International is ready to make historical past this month as the primary Filipino-owned firm to be listed and traded on tech-heavy Nasdaq in New York.
This, after the US Securities and Trade Fee accredited on June 2 the registration assertion associated to the merger between Hotel101 International Holdings Corp., a subsidiary of DoubleDragon Corp. led by Edgar Sia II and Tony Tan Caktiong, with Nasdaq-listed JVSPAC Acquisition Corp., a particular goal acquisition firm based mostly in Hong Kong that was shaped in 2021 to execute mergers.
The merger values Hotel101 at an fairness worth of $2.3 billion or P130 billion at $10 a share.
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Hotel101 stated in a press release that the closing of the merger is anticipated to occur quickly, topic to regulatory and shareholder approvals and different customary closing circumstances, paving the way in which for the Nasdaq itemizing scheduled earlier than the tip of this month.
Upon itemizing, the mixed firm will function as Hotel101 International Holdings Corp. and commerce below the image “HBNB”, making it the primary Filipino-owned firm to listing on Wall Road.
Sia, chair and CEO of DoubleDragon and founding father of Hotel101, stated in a press release: “Hotel101 was constructed on a daring imaginative and prescient – to create a wholly new class of resort that mixes effectivity, predictability and scalability in a manner that has by no means been performed earlier than. With its distinctive and novel idea, we imagine Hotel101 has important potential to efficiently increase globally.”
“With DoubleDragon’s deep expertise in actual property and high-growth companies, we’re totally dedicated to supporting Hotel101 because it makes its mark on the worldwide stage, changing into the primary Filipino-owned firm to be listed and traded on Nasdaq”,” Sia added.
Hotel101 is described as an asset-light hospitality platform pioneering a globally standardized “condotel” enterprise mannequin.
It would generate earnings twice: first, from the preselling of particular person resort models throughout the building part and second, from the long-term recurring income derived from day-to-day resort operations following the completion of the models.
The Nasdaq itemizing is anticipated to offer Hotel101 – which is already establishing a presence in Japan, Spain and the US – with entry to public capital markets and assist speed up its international growth plans.
Hotel101’s long-term imaginative and prescient is to determine a world footprint in 100 international locations with an preliminary 25 recognized precedence international locations for the medium time period.
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“Hotel101’s revolutionary method to hospitality has the potential to fully redefine the mid-market section, whereas presenting a compelling alternative for quickly scalable, long-term progress. We stay up for supporting Hotel101 because it executes its international growth technique and enters the general public markets,” JVSPAC chair Albert Wong stated.
