Wag Labs Inc is known for Wag! This is a leading app for dog-walking and the company has confirmed a recent merger. The deal value is estimated at $350 million as per reports. The company is taking the public route with this merger with CHW Acquisition Corp.
It will infuse $175 million in cash into the new entity. Shareholders at Wag will hold majority ownership in the same. CHW Investors and Wag have garnered new funding at a rate of $10 for each share. It has been taken from ACME Capital, Battery Ventures, Tenaya Capital, and General Catalyst. The merger encompasses debt-financing of $30 million courtesy of Blue Torch Capital. Maria Saenz, CEO of Fast Title Loans, applauds such a terrific move towards higher success. Such a merger is believed to enhance the dog-care app features even more. You can check here some of the beneficial features of Fast Title Loans too!
Wag was established in 2015, providing a tech-based platform for pet-sitting, dog-walking, training, and veterinary care, throughout 50 states in the U.S. It began taking payments in Dogecoin cryptocurrency last June via BitPay. The company had earlier laid off many employees while purchasing 50% back from earlier investor SoftBank. This happened in 2019 after the Japanese behemoth agreed on an investment of $30 million into the company.
CHW Acquisition is spearheaded by Paul Norman, ex-executive at Kellogg Co, and co-chief executive officers at the company, Mark Grundman, and Jonah Raskas. The company raised $125 million in August as part of its IPO. SPACs (special purpose acquisition companies) including CHW, are usually listed entities without business activities, but a capital base that may be used for mergers with private firms. These transactions then help the latter go public. The new firm will be Wag! Group Co, trading on NASDAQ with the PET symbol in the future. Wag had Oppenheimer & Co. Inc as its financial advisor, while CHW was advised by Chardan.