Ginkgo Bioworks to Go Public via Merger With SPAC Soaring Eagle Acquisition
08:57 AM EDT, 05/11/2021 (MT Newswires) -- Ginkgo Bioworks and Soaring Eagle Acquisition Corp. (SRNG), a special purpose acquisition company, said Tuesday they have agreed to a business combination that will transform Ginkgo into a listed company.
The deal, which is expected to close in Q3, implies a pre-money equity valuation for Ginkgo of $15.0 billion and is anticipated to provide up to $2.5 billion of gross cash proceeds.
These proceeds include Soaring Eagle's $1.725 billion of cash in trust and $775 million in proceeds from a private investment in public equity transaction priced at $10.00 per share of Class A common stock of Soaring Eagle, the company said.
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