PHP Ventures Acquisition Corp. and Modulex Modular Buildings Plc Announce a Definitive Agreement for a Business Combination
News Debbie A. Klis · Debra Vernon · Ivan Komaritsky · Victoria Yang · Roy W. Gillig · David Devernoe · George Dingeldein · Victor J. Gonzalez · December 12, 2022
Rimon client Modulex Modular Buildings Plc (“Modulex”) and PHP Ventures Acquisition Corp. (NASDAQ: PPHP, PPHPR, PPHPU, PPHPW, “PHP”), a special purpose acquisition company, have announced that they have entered into a definitive agreement for a business combination.
After the closing of the transactions contemplated by the business combination agreement, Modulex will become a publicly listed company and PHP will become a subsidiary of Modulex (the “Combined Company”). Modulex expects to be listed on the Nasdaq Global Market under the symbol “MDLX.” The combined company is anticipated to have a post-transaction market capitalization of $723 million assuming a $10.00 per share price and no redemptions by PHP stockholders.
The Rimon transaction team is led by Debbie Klis, securities and investment funds partner based in the firm’s DC offices, and Debra Vernon, corporate and M&A partner based in the firm’s Menlo Park and San Francisco offices. Debbie Klis and Debra Vernon have acted as SPAC and de-SPAC leads respectively in many high-profile transactions, including the Australian Oilseeds Investments Pty. Ltd. and EDOC Acquisition Corp deal announced last week. Team members include Ivan Komaritsky, Victoria Yang, Craig Tanner, Roy Gillig, David Devernoe, George Dingeldein, and Victor Gonzales.
Congratulations to all!
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