Grab sees US$40 billion SPAC merger delayed to Q4

Grab sees US$40 billion SPAC merger delayed to Q4

FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore
A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore, Mar 21, 2019. (File photo: REUTERS/Anshuman Daga)

SINGAPORE: Southeast Asia's Grab, which is going public through a merger worth US$40 billion with special-purpose acquisition company Altimeter Growth, said on Wednesday (Jun 9) it expects to complete the business combination during the fourth quarter.

The company had previously said it aimed to close the deal by July.

READ: Grab to list in the US through world's biggest SPAC merger, valued at nearly US$40 billion

Grab said it was in the process of finalising its financial audit for fiscal years 2018, 2019 and 2020 in accordance with US Securities and Exchange Commission (SEC) requirements.

It is also was working with the SEC to obtain pre-clearance of certain accounting policies and related financial disclosures.

READ: SPAC mania - What is it and will it be the next big thing in Asia?

As a result, Grab's financial information for those periods remain subject to further review and revision, it said in a statement.

Grab also said its consolidated gross merchandise value during the first quarter of 2021 was US$3.6 billion, an increase of 5.2 per cent over the same period a year ago.

Source: Reuters/dv

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