Super Apps, a Malaysian payments technology business, is planning to IPO in the US through a special purpose acquisition company (SPAC) merger, which will value the company at $1.1 billion.

The business announced its plans to merge with Technology and Telecommunication Acquisition Corporation in a news release on Wednesday, Oct. 19, and listed as TETE Technologies on the Nasdaq.

Super Apps CEO Loo See Yuen stated in the statement that the funds from the company merger, along with the extensive FinTech sector experience of our leadership team, would enable Super Apps to accelerate revenue development through the expansion of its staff, including marketing and sales manpower.

According to the press statement, Super Apps intends to acquire 60% of OneShop Ecommerce from FinTech company MobilityOne.

In 2020 and 2021, SPACs had a boom in popularity, but many of those that came out publicly are having trouble finding agreements, with an expected 600 still looking.

In the upcoming months, investors who funded blank check firms may experience a liquidity boost of over $75 bn as SPACs that came out publicly during the IPO boom are likely to be required to repay their investors’ money.

The majority of SPACs have two years to complete a purchase of a privately owned company before they are required to repay investors for the funds they have raised. Throughout September till the end of February’23, SPACs worth about $75 billion will expire, and another $36 bn is anticipated by next March.

This summer, PYMNTS wrote on the phenomena and mentioned that closing deals were the challenging aspect of becoming a SPAC. Those who are unable to shut, find themselves on the same difficult path many businesses did this year.

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