Super Apps, a payments technology company will list in the US through a $1.1 billion SPAC offering

• ByStartupStory     |    October 20, 2022

According to the companies, Super Apps Holdings would merge with a special purpose acquisition company and then go public in the US, valuing the Malaysian payments technology company at $1.1 billion. Before the agreement with Technology & Telecommunication Acquisition Corporation is finalised, Super Apps will purchase 60% of OneShop Retail from fintech company MobilityOne.

According to Super Apps, money from the merger would be used to hire more people. TETE Technologies Inc. will be the name of the merged company, which will be listed on the Nasdaq. Technology & Telecommunication Acquisition SPAC went public in January and raised $115 million in its IPO.

SPACs are front companies that combine with private businesses to make them public after raising money through initial public offerings.SPACs were once the biggest investment trend on Wall Street, but due to market volatility and the underwhelming stock performance of the companies that merged with them, interest has declined.

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