Silver Crest (NASDAQ:SLCR) announced that it has closed its transaction with coffee shop chain Tims China after an extended process.
The SPAC originally held its completion vote on August 19, but opted to give shareholders additional time to reconsider after they initially opted to redeem 99% of shares. Silver Crest released revised figures last week showing that redemptions were reduced to 95.9%.
The combined company’s shares and warrants are now expected to begin trading on the Nasdaq under the symbols “THCH” and “THCHW”, respectively, later today, September 29.
The deal, which was initially valued at $1.79 billion, but later reduced to $1.4 billion during an amendment in March, was announced on August 16, 2021. TH International is the exclusive operator of Tom Hortons (NYSE:QSR) coffee shops in China and recently announced an agreement to co-produce coffee products to sell in Easy Joy’s 27,800 stores with options to locate Tims coffee shops in these locations.
The chain boasts about 9 million loyalty members and expects to have a network of 2,750 in operation by 2026. The deal is expected to provide Tims China about $200 million in proceeds to pursue this growth via a combination of a PIPE and committed share facility.
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