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GLAAM Co., Ltd. ("GLAAM" or the "Company"), a leading designer and developer of architectural display glass, announced on July 21, 2023 that it held an extraordinary general meeting of shareholders and approved the previously announced business combination (the "business combination") with Jaguar Global Growth I (NASDAQ:JGGC, JGGCR and JGGCW))))) ("JGGC"). Through JGGC's specialization in overseas real estate development, the Company plans to actively target the North American super large architectural media ("SLAM") market.
GLAAM is expected to become a US publicly traded company in the third quarter of 2023. The Company is anticipated to be one of the first Korean-based media display companies listed on Nasdaq.
GLAAM completed the submission of Korean securities reports and obtained the approval of its board of directors within five months of signing the business combination agreement, dated as of March 2, 2023 (the "Business Combination Agreement") with JGGC. The Company submitted a securities registration statement for the approval of a domestic merger in South Korea to the Financial Supervisory Service, which became effective on July 21, 2023.
As a result of the business combination, GLAAM and JGGC shareholders will exchange their shares for shares in a new combined company ("NewCo"). Upon closing of the transaction, NewCo is expected to be renamed "Captivision Inc." and its ordinary shares and warrants are expected to be listed on Nasdaq under the proposed ticker symbols "CAPT" and "CAPTW".
GLAAM's founder, Dr. Ho Joon Lee, indicated, "67% of all GLAAM shareholders and 100% of all GLAAM shareholders present at the shareholder meeting (including those who issued a proxy) voted in favor of the business combination. With our shareholders' full support, we have built a stepping stone towards GLAAM's entry into the global marketplace. We intend to solidify our position as a global leader in the architectural display glass space, and the proposed Nasdaq listing is expected to improve brand awareness."
Posted In: JGGC
