Proptech REAL Messenger (RMSG) plans to go public through a merger with SPAC Nova Vision Acquisition Corp. (NASDAQ:NOVV) with the deal estimating the pre-money equity value of the company at around $150M.
Under the deal, Nova Vision will pay up to $150M in consideration for REAL, which includes $75M in stock at closing plus an additional $75M in stock if REAL meets certain stock and financial performance targets.
Nova Vision currently has $19M in trust and will be seeking an additional $20M in PIPE financing as part of the deal.
Based in Costa Mesa, Calif., REAL runs a social network platform for the real estate sector that incorporates messaging capabilities and AI-trained data to help drive transactions. The company’s social app is available in 35 countries.
After the closing, shares of the company are expected to be listed on Nasdaq under the symbol RMSG, according to REAL Messenger.