Super Apps, a US-based payments technology company, is set to go public through a merger with a SPAC, or special purpose acquisition company, worth $1.1 billion. This announcement was made on Wednesday.

Super Apps will acquire 60% of OneShop Retail, a subsidiary of MobilityOne, before the Technology & Telecommunication Acquisition Corporation transaction is finalized. This information is for those who are knowledgeable about the business and technology industries and is presented in a neutral tone.

The Technology & Telecommunication Acquisition SPAC, also known as Super Apps, announced plans to use their recent merger funds to hire more employees. TETE Technologies Inc., which will be listed on the Nasdaq stock exchange, will benefit from this investment in resources.

SPACs, once a popular investment option, have fallen out of favor due to questionable stock performance and uncertain market conditions. These companies operate by going public through an initial public offering and then merging with a private company.

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