20Cube Logistics Pte Ltd entered into a definitive business combination agreement to acquire Evo Acquisition Corp. (NasdaqCM:EVOJ) from Evo Sponsor LLC and others for $260 million in a reverse merger transaction on October 18, 2022. Under the terms of the transaction, assuming no redemptions by Evo?s public shareholders and assuming that all 20Cube shareholders elect to participate in the business combination as sellers, it is estimated that the current shareholders of 20Cube will own approximately 59% of the issued and outstanding shares in the combined company at closing. Following the consummation of the transaction, the combined company will report in the United States as a foreign private issuer. The parent company following the consummation of the business combination will be a new Singapore holding company (the ?Combined Company? or ?Pubco?) to be called 20Cube Logistics Solutions Ltd., and will be led by Mahesh Niruttan, Founder and Chief Executive Officer of 20Cube. Combined company's ordinary shares are expected to be listed on the Nasdaq Capital Market under the ticker symbol ?TCUB?.

The transaction is subject to the approval of Evo and 20Cube shareholders; expiration of any waiting period under applicable antitrust laws; Evo having at least $5,000,001 in net tangible assets; effectiveness of the Registration Statement; Shares having been approved for listing on Nasdaq; requisite regulatory approval; certain ancillary documents, Registration Rights Agreement, Warrant Agreement Amendment and Sponsor Letter shall be in full force; and other customary conditions. The transaction has been approved by each of Evo?s and 20Cube?s Board of Directors. The transaction is expected to close in the first quarter of 2023.

Drake Star Partners acted as financial advisor and Louis Lehot, Brandee Diamond, Paul Broude, Kevin Shuler, Carrie Long, Raj Tanden, Marina Choundas and Eric Chow of Foley & Lardner LLP acted as legal advisor to 20Cube. B. Riley Securities acted as financial advisor and Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP acted as legal advisor to Evo. Continental Stock Transfer & Trust Company acted as transfer agent and Advantage Proxy, Inc. acted as information agent to Evo.

20Cube Logistics Pte Ltd cancelled the acquisition of Evo Acquisition Corp. (NasdaqCM:EVOJ) from Evo Sponsor LLC and others on April 26, 2023. As a part of termination, the Board of Directors of Evo has determined not to further extend the deadline date in which Evo is required to consummate a business combination beyond the current expiration date, April 25, 2023.