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Robert Approach/iStock Editorial by way of Getty Photographs
Shares of Tim Hortons China subsidiary (NASDAQ:THCH), TH Worldwide Restricted, made their US market debut Thursday following the closing of a merger between the corporate and SPAC Silver Crest Acquisition Corp. (SLCR).
Shares of the mixed firm, which can retain the identify TH Worldwide, started buying and selling on Nasdaq on Thursday beneath the image THCH. The inventory just lately modified fingers at $6.54 at roughly 12:45 p.m. ET, down 18% from the inventory’s pre-merger shut of $7.99 on Wednesday.
The merger is anticipated to provide the mixed firm practically $200M in extra financing, together with roughly $95M from a PIPE financing and as much as $100M from a dedicated fairness facility from Cantor Fitzgerald affiliate CF Principal Investments.
The businesses confirmed plans to merge in August 2021, with an estimated enterprise worth of round $1.69B.
TH Worldwide at present operates 460 shops in China, with plans to have 2,750 shops by 2026. Also referred to as Tims China, the corporate was a three way partnership between Tim Hortons Eating places Worldwide, a subsidiary of Restaurant Manufacturers Worldwide (QSR), and personal fairness agency Cartesian Capital. Different buyers included Sequoia Capital and Tencent.
Silver Crest shareholders voted in favor of the merger on Aug. 18.
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