Enteractive Media to go public via SPAC merger

Enteractive Media is set to become a publicly listed company after agreeing a reverse merger with SPAC firm Parsec Capital Acquisition Corp.

The affiliate firm will join forces with Parsec in an undisclosed agreement which will take it public, in an unexpected move following the lack of SPAC mergers in the industry after a previous deluge of deals.

Following the closure of the merger, the newly combined company will list on the Nasdaq under the name Enteractive Media.

However, Parsec noted there “can be no assurance” that the firm will remain listed on the Nasdaq moving forwards.

The board of directors of the new company will consist of four directors designated by Enteractive and one by Parsec.

Both Enteractive and Parsec’s boards have approved the merger and the deal is expected to close in Q4 2022, based on standard regulatory clearances.

Patricia Trompeter, Parsec CEO, said the merger with Enteractive had the potential to create “significant value for shareholders” following the completion of the deal.

She said: “We are excited to have Enteractive for this business merger and look forward to consummating this transaction.

“We believe that, with the value proposition Enteractive brings to this transaction, it is well-positioned for substantial growth and sustainability. We view the transaction valuation as highly attractive to investors,” Trompeter added.