ARTISAN ACQUISITION CORP.

(ARTA)
  Report
Delayed Nasdaq  -  05/13 03:59:29 pm EDT
10.37 USD   +1.57%
05/10ARTISAN ACQUISITION CORP. : Submission of Matters to a Vote of Security Holders, Other Events, Financial Statements and Exhibits (form 8-K)
AQ
05/02Ladenburg Thalmann Initiates Artisan Acquisition at Buy with $15 Price Target
MT
03/31ARTISAN ACQUISITION CORP. : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Prenetics Group Limited entered into a non-binding letter of intent to acquire Artisan Acquisition Corp. (NasdaqCM: ARTA) from Artisan LLC and others for $1.1 billion in a reverse merger transaction on May 29, 2021.

09/15/2021 EDT

Prenetics Group Limited entered into a non-binding letter of intent to acquire Artisan Acquisition Corp. (NasdaqCM: ARTA) from Artisan LLC and others for $1.1 billion in a reverse merger transaction on May 29, 2021. Prenetics Group Limited entered into a definitive agreement to acquire Artisan Acquisition Corp. from Artisan LLC and others for $1.1 billion in a reverse merger transaction on September 15, 2021. The transaction values Prenetics at an enterprise value of $1.25 billion with a combined equity value of approximately $1.7 billion. As part of the transaction, Prenetics' existing equity holders will roll 100% of their equity into the combined company, demonstrating their continued commitment to Prenetics growth strategy. Prenetics will receive proceeds of up to $459 million in cash, including a fully committed PIPE and forward purchase agreements of $120 million from Aspex, PAG, Lippo, Dragonstone, Xen Capital and others, and up to $339 million of cash currently held in the trust account of Artisan Acquisition Corp. The proceeds will allow Prenetics to continue its significant growth trajectory and will be used for strategic acquisitions, R&D, product roll out and geographic expansion into the United States, EMEA and Southeast Asia. Prenetics will become publicly traded as a result of the transaction. Upon completion of the transaction, the combined company ("PubCo")'s securities will be traded on the Nasdaq under the ticker symbol "PRE". Current Prenetics shareholders will own 67.3%, Artisan shareholders will own 25.3% while PIPE investors (including investors under FPA’s) will own 7.5% of the combined company. On the Effective Date, the name of the Prenetics Group Limited shall be changed from Prenetics Group Limited to Prenetics Holding Company Limited. Immediately following the consummation of the Business Combination, the PubCo Board will consist of five directors including Danny Yeung, the co-founder of Prenetics Group, the Chief Executive Officer of Prenetics HK and chairman of the board of directors of Prenetics, Cheng Yin Pan (Ben), the Chief Executive Officer of Artisan, Cui Zhanfeng, a current director of Prenetics, and two independent directors including Woo Ian Ying and Chiu Wing Kwan (Winnie). The merger agreement can be terminated under certain circumstances. Consummation of the transactions contemplated by agreement is subject to customary closing conditions, including approval by the shareholders of Artisan and Prenetics; the accuracy of representations and warranties to various standards, from no materiality qualifier to a material adverse effect qualifier; the bringdown to closing of a representation that no material adverse effect has occurred (both for Artisan and Prenetics); material compliance with pre-closing covenant; the delivery of customary closing certificates; the absence of a legal prohibition on consummating the transactions; PubCo’s listing application with Nasdaq being approved; the Proxy/Registration Statement shall have become effective under the Securities Act; Artisan having at least $5,000,001 of net tangible assets remaining after redemption; and the cash proceeds from the trust account established for the purpose of holding the net proceeds of Artisan’s initial public offering, plus cash proceeds from the PIPE Investments (as defined below), plus cash proceeds under the Forward Purchase Agreements (as amended by the Deeds of Novation and Amendment), plus any amount raised pursuant to permitted equity financings prior to closing of the Acquisition Merger, minus the aggregate amount payable to SPAC shareholders exercising their redemption rights, in the aggregate equaling no less than $200,000,000. The Board of Directors of Artisan and Prenetics have unanimously approved the agreement and resolved to recommend the adoption of this agreement by its shareholders. The Plan of Merger has also been authorised by the shareholders of the Prenetics. The completion of the transaction is estimated to be in the fourth quarter of 2021 or the first quarter of 2022. UBS Securities LLC is acting as sole financial advisor and exclusive capital markets advisor to Artisan. Citigroup Global Markets Asia Limited is acting as sole financial advisor to Prenetics. UBS Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Limited are serving as placement agents on the PIPE. Jonathan B. Stone and Peter X. Huang of Skadden, Arps, Slate, Meagher & Flom LLP are serving as international legal counsel, and Mourant Governance Services (Cayman) Limited is serving as Cayman legal counsel, to Prenetics. Jesse Sheley, Joseph Raymond Casey and Ram Narayan of Kirkland & Ellis are serving as international legal counsel to Artisan Acquisition Corp. and Artisan LLC, and Appleby Global Services (Cayman) Limited is serving as Cayman legal counsel, to Artisan. Shearman & Sterling LLP is serving as international counsel to the placement agents. KPMG LLP is serving as the auditor to Prenetics. Continental Stock Transfer & Trust Company acted as exchange agent to Prenetics. Kyungwon (Won) Lee of Shearman & Sterling served as an advisor in this transaction. The transfer agent for Artisan securities is Continental Stock Transfer & Trust Company. Artisan has hired Morrow Sodali LLC to assist in the proxy solicitation process. Artisan shall pay Morrow Sodali LLC, a fixed fee of $37,500. Artisan formally engaged Deloitte Touche Tohmatsu to provide financial and tax advice. Credit Suisse (USA) LLC and UBS Securities LLC acted as due diligence provider to Artisan. Artisan formally engaged Deloitte Touche Tohmatsu to provide financial and tax advice on the potential business combination.


© S&P Capital IQ 2021
All news about ARTISAN ACQUISITION CORP.
05/10ARTISAN ACQUISITION CORP. : Submission of Matters to a Vote of Security Holders, Other Eve..
AQ
05/02Ladenburg Thalmann Initiates Artisan Acquisition at Buy with $15 Price Target
MT
03/31ARTISAN ACQUISITION CORP. : Entry into a Material Definitive Agreement, Regulation FD Disc..
AQ
03/04ARTISAN ACQUISITION CORP. Management's Discussion and Analysis of Financial Condition ..
AQ
03/04Artisan Acquisition Corp. Reports Earnings Results for the Eleven Months Ended December..
CI
2021ARTISAN ACQUISITION CORP. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ..
AQ
2021Certain Class B Ordinary Shares of Artisan Acquisition Corp. are subject to a Lock-Up A..
CI
2021ARTISAN ACQUISITION : Blank-Check Firm Artisan Acquisition to Merge With Prenetics Group
MT
2021Hong Kong COVID testing firm Prenetics to go public via $1.7 bln SPAC deal
RE
2021ARTISAN ACQUISITION : Prenetics, a Global Leader in Genomic and Diagnostic Testing, to Bec..
PU
More news
Analyst Recommendations on ARTISAN ACQUISITION CORP.
More recommendations
Financials (USD)
Sales 2022 341 M - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 455 M 455 M -
Capi. / Sales 2022 1,33x
Capi. / Sales 2023 1,15x
Nbr of Employees -
Free-Float 68,3%
Chart ARTISAN ACQUISITION CORP.
Duration : Period :
Artisan Acquisition Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 10,37 $
Average target price 15,00 $
Spread / Average Target 44,6%
Managers and Directors
Yin Pan Cheng Chief Executive Officer & Director
William Robert Keller Independent Director
Mitchell Alan Garber Independent Director
Fan Yu Independent Director
Sean O’Neill Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ARTISAN ACQUISITION CORP.4.64%455
INVESTOR AB (PUBL)-20.03%55 456
CK HUTCHISON HOLDINGS LIMITED8.55%26 670
GROUPE BRUXELLES LAMBERT SA-13.67%12 856
HAL TRUST-8.64%12 021
AB INDUSTRIVÄRDEN (PUBL)-13.80%10 624