{"id":1897,"date":"2023-06-16T16:29:51","date_gmt":"2023-06-16T14:29:51","guid":{"rendered":"https:\/\/www.woodspac.cz\/?p=1897"},"modified":"2023-06-16T22:12:18","modified_gmt":"2023-06-16T20:12:18","slug":"the-first-central-european-spac-reaches-its-final-stage-the-signing-of-the-contract-documents-is-scheduled-for-23-june","status":"publish","type":"post","link":"https:\/\/www.woodspac.cz\/en\/the-first-central-european-spac-reaches-its-final-stage-the-signing-of-the-contract-documents-is-scheduled-for-23-june\/","title":{"rendered":"The first Central European SPAC reaches its final stage. The signing of the contract documents is scheduled for 23 June."},"content":{"rendered":"

Prague, 16 June 2023 \u2013 Negotiations on the terms of the business combination of the first Central European SPAC, WOOD SPAC One (hereinafter “WSO”) and the target company Footshop s.r.o. (hereinafter “Footshop”) are nearing completion. The Business Combination1<\/sup> Completion Date is scheduled for Friday, June 23, when the acquisition documentation will be signed, and the transaction will be settled. Investors who own the required number of shares as of the date of two business days following that date, will be entitled to receive the second tranche of Warrants (the “BC Warrants1<\/sup>“) in accordance with the terms and conditions defined in the Prospectus. Subsequently, the final steps leading to the merger of the companies and the listing of Footshop’s shares on the Prague Stock Exchange will commence. This final step will take place by the end of the summer at the latest. <\/strong><\/p>\n

The subscription to WSO took place last year between 10 February and 29 April. The selected target company Footshop was presented to investors and the public on 13 April this year, with investor approval announced a month later on 16 May. Now, the CZK 445 million transaction is close to completion.<\/p>\n

Footshop<\/strong> is a European retailer of premium streetwear, footwear, and apparel, founded in Prague in 2012 by Peter Hajdu\u010dek. The company sells products online primarily in Europe, but its e-shop is available globally. Revenues for 2022 exceeded CZK 1bn, with 70 percent of sales outside the Czech Republic. Footshop also operates three premium brick-and-mortar stores in the European capitals of Prague, Budapest, and Bucharest. Thanks to its focus on the young streetwear community, the company has become a partner of global brands, such as Adidas, Nike, Converse, and Vans, for the distribution of their premium lines of footwear and clothing. It is the only company in the region selling some of its product lines. In several markets, including the Czech Republic, it is the number one player in the premium streetwear, footwear, and apparel segment. In 2021, Footshop acquired its main competitor in the Czech Republic, Queens, under whose brand it continues to operate an e-shop. The current shareholders of Footshop are Peter Hajdu\u010dek (founder and CEO), Marcel Vargae\u0161t\u00f3k (angel investor), Kaya (leading Czech venture capital fund), and Crowdberry (Czech-Slovak crowdfunding platform for investment in growth companies).<\/p>\n

A SPAC<\/strong> (Special Purpose Acquisition Company) is an equity product with the potential for very high returns and the opportunity to participate in the decision-making process. The company is created as an empty shell, set up for the purpose of acquisition, and is used to fast-track a company to the stock market. WOOD SPAC One is the first-ever SPAC within the CEE region. The book-building period ran from 10 February to 29 April 2022. The minimum investment in the subscription was CZK 250,200. In accordance with the prospectus, investors were allocated warrants, in addition to shares, the first half of which investors received concurrently with the shares. The second half will vest only upon the completion of the acquisition, provided that they still own the relevant number of shares on the relevant record date. The terms of the acquisition have now been agreed upon, which will be followed by a vote of all investors to approve the acquisition. The final stage is the listing of the target company on the stock exchange.<\/p>\n

WOOD & Company Financial Services<\/strong> is a major financial and investment group with a leading position in the Central European market, founded in 1991 and with offices in seven major European cities – Prague, Bratislava, Warsaw, Milan, Bucharest, Dublin and London. It focuses on providing services in the areas of corporate finance and capital markets, securities trading and asset management. A significant part of the group is real estate funds and the online investment platform Portu.<\/p>\n

Media Relations:
\n<\/strong>Martin Kod\u00fddek<\/strong>
\nTel.:\u00a0+420 606 615 311<\/a><\/strong>
\nE-mail:\u00a0martin.kodydek@wood.cz<\/a><\/strong><\/p>\n

\n____________________________________
\n1<\/sup>\u00a0As defined in the Prospectus<\/p>\n","protected":false},"excerpt":{"rendered":"

Prague, 16 June 2023 \u2013 Negotiations on the terms of the business combination of the first Central European SPAC, WOOD SPAC One (hereinafter “WSO”) and the target company Footshop s.r.o. (hereinafter “Footshop”) are nearing completion. The Business Combination1 Completion Date is scheduled for Friday, June 23, when the acquisition documentation will be signed, and the transaction will be settled. Investors who own the required number of shares as of the date of two business days following that date, will be entitled to receive the second tranche of Warrants (the “BC […]<\/p>\n","protected":false},"author":3,"featured_media":1889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nThe first Central European SPAC reaches its final stage. 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