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Proptech REAL Messenger (RMSG) plans to go public through a merger with SPAC Nova Vision Acquisition Corp. (NASDAQ:NOVV) with the deal estimating the company’s pre-money capital value at around $150 million.
Under the agreement, Nova Vision will pay up to $150 million in consideration for REAL, including $75 million in equity at closing plus an additional $75 million in equity if REAL meets certain equity and financial performance targets.
Nova Vision currently has $19 million in trust and will seek an additional $20 million in PIPE financing as part of the deal.
Headquartered in Costa Mesa, California, REAL runs a social media platform for the real estate industry that incorporates messaging capabilities and AI-trained data to help drive transactions. The company’s social app is available in 35 countries.
After the close, the company’s shares are expected to trade on Nasdaq under the symbol RMSG, according to REAL Messenger.
Nova Vision held its initial public offering in August 2021, raising $50 million.
