CompareAsia Group Capital Limited (“MoneyHero” or the “Company”), a
market leading financial products platform in Greater Southeast
Asia, completed its previously announced business combination with
Bridgetown Holdings Limited (NASDAQ: BTWN) (“Bridgetown”), a
special purpose acquisition company formed as a collaboration
between Pacific Century Group (“Pacific Century”) and Thiel Capital
LLC (“Thiel Capital”), on October 12, 2023 (Eastern Time). The
business combination was approved by Bridgetown shareholders in an
Extraordinary General Meeting of Bridgetown Shareholders held on
October 10, 2023.
MoneyHero Limited’s (“PubCo”) ordinary shares and public
warrants are expected to begin trading on the Nasdaq Stock Market
(“Nasdaq”) under the ticker symbols “MNY” and “MNYWW” on October
13, 2023.
Transaction Details
The completion of the business combination values MoneyHero at
an enterprise value of ~US$310 million and an equity value of
~US$283 million after reflecting net proceeds from the
transaction.
MoneyHero received ~US$100 million in gross
proceeds entirely through the contribution of cash held in
Bridgetown’s trust account, after taking into account redemptions
of approximately 36% of Bridgetown’s public shares.
“We are proud to have achieved this significant milestone in our
journey,” commented Prashant Aggarwal, Chief Executive Officer of
MoneyHero. “Our merger with Bridgetown not only provides the
capital to further our strategic vision, but also strengthens our
steadfast commitment to simplifying financial decisions for our
millions of users in Singapore, Hong Kong, The Philippines,
Malaysia and Taiwan. This partnership will further strengthen our
leading market position through continued investment in our
top-tier financial products platform, which acts as a crucial
bridge between consumers and financial institutions in the
high-growth region of Greater Southeast Asia.”
MoneyHero will celebrate this landmark event by
ringing the NASDAQ Opening Bell on Friday, October 13th.
“MoneyHero is empowering financial service providers in the
Greater Southeast Asia region to transform the way they connect
with consumers—and we are honored to be part of its journey to
become a household online platform for retail financial offerings
in the region,” said Matt Danzeisen, Chairman, Bridgetown. “We
believe MoneyHero is a strong leader in this dynamic and growing
market, and we are excited to support Prashant and his talented
team to create lasting value for our shareholders, employees, and
partners.”
Advisors
Kirkland & Ellis served as legal advisor to MoneyHero
Group.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal
advisor to Bridgetown.
About MoneyHero
Group
MoneyHero Group, formerly known as Hyphen Group or CompareAsia
Group, is a market leader in the online personal finance
aggregation and comparison sector in Greater Southeast Asia. The
Company operates in Singapore, Hong Kong, Taiwan, the Philippines
and Malaysia with respective local market brands, currently has 270
commercial partners and had 9.1 million average Monthly Unique
Users during the first half of 2023.
For more information, including an Investor Presentation, please
visit https://www.moneyherogroup.com/
About Bridgetown
Holdings
Bridgetown Holdings Limited is a blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses, with a focus on
technology, financial services, or media sectors in Southeast Asia.
The company is formed as a collaboration between Pacific Century
Group and Thiel Capital, led by Chief Executive Officer and Chief
Financial Officer Daniel Wong, and Chairman Matt Danzeisen.
For more information, please visit
https://www.bridgetownholdings.net/
Contact Information
For MoneyHero
Group:
Kate Lee ir@moneyherogroup.com
Ruby Chou press@moneyherogroup.com
For Bridgetown
Holdings:
Karin Wong+852 9755 6265Karin.Wong@pcg-group.com
IMPORTANT LEGAL
INFORMATION
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the United States federal securities laws with
respect to the proposed Business Combination. All statements other
than statements of historical fact contained in this communication,
including, but not limited to, statements as to the listing of
PubCo’s securities, the growth potential of the market in which
PubCo operates and the potential benefits of the consummation of
the proposed Business Combination, are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“could,” “seeks,” “predicts,” “intends,” “trends,” “plans,”
“estimates,” “anticipates” or the negative version of these words
or other comparable words. All forward-looking statements are based
upon estimates and forecasts and reflect the views, assumptions,
expectations, and opinions of Bridgetown and the Company, which are
all subject to change due to various factors including, without
limitation, changes in general economic conditions. Any such
estimates, assumptions, expectations, forecasts, views or opinions,
whether or not identified in this communication, should be regarded
as indicative, preliminary and for illustrative purposes only and
should not be relied upon as being necessarily indicative of future
results.
The forward-looking statements and financial forecasts and
projections contained in this communication are subject to a number
of factors, risks and uncertainties. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, changes in business,
market, financial, political and legal conditions; the risk that
the Business Combination disrupts current plans and operations of
Bridgetown or the Company as a result of the announcement and
consummation of the Business Combination; PubCo’s inability to
obtain or maintain the listing of its securities on Nasdaq
following the Business Combination; failure to realize the
anticipated benefits of Business Combination; risk relating to the
uncertainty of the projected financial information with respect to
the Company; the amount of redemption requests made by Bridgetown’s
shareholders and the amount of funds available in Bridgetown’s
trust account; the Company’s ability to attract new and retain
existing customers in a cost effective manner; competitive
pressures in and any disruption to the industry in which the
Company and its subsidiaries (the “Group”) operate; the Group’s
ability to achieve profitability despite a history of losses; and
the Group’s ability to implement its growth strategies and manage
its growth; the Group’s ability to meet consumer expectations; the
success of the Group’s new product or service offerings; the
Group’s ability to attract traffic to its websites; the Group’s
internal controls; fluctuations in foreign currency exchange rates;
the Group’s ability to raise capital; media coverage of the Group;
the Group’s ability to obtain adequate insurance coverage; changes
in the regulatory environments (such as anti-trust laws, foreign
ownership restrictions and tax regimes) and general economic
conditions in the countries in which the Group operates; the
Group’s ability to attract and retain management and skilled
employees; the impact of the COVID-19 pandemic or any other
pandemic on the business of the Group; the success of the Group’s
strategic investments and acquisitions, changes in the Group’s
relationship with its current customers, suppliers and service
providers; disruptions to the Group’s information technology
systems and networks; the Group’s ability to grow and protect its
brand and the Group’s reputation; the Group’s ability to protect
its intellectual property; changes in regulation and other
contingencies; the Group’s ability to achieve tax efficiencies of
its corporate structure and intercompany arrangements; potential
and future litigation that the Group may be involved in; and
unanticipated losses, write-downs or write-offs, restructuring and
impairment or other charges, taxes or other liabilities that may be
incurred or required subsequent to, or in connection with, the
consummation of the Business Combination and technological
advancements in the Group’s industry. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
“Risk Factors” section of PubCo’s registration statement on Form
F-4 (the “Registration Statement”), the proxy statement/prospectus
discussed below, Bridgetown’s periodic reports and other documents
filed by PubCo or Bridgetown from time to time with the U.S.
Securities and Exchange Commission (the “SEC”). These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. In addition,
there may be additional risks that neither Bridgetown nor the
Company presently knows, or that Bridgetown or the Company
currently believes are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. Forward-looking statements reflect Bridgetown’s and the
Company’s expectations, plans, projections or forecasts of future
events and view. If any of the risks materialize or Bridgetown’s or
the Company’s assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements.
Forward-looking statements speak only as of the date they are
made. Bridgetown and the Company anticipate that subsequent events
and developments may cause their assessments to change. However,
while PubCo, Bridgetown and the Company may elect to update these
forward-looking statements at some point in the future, PubCo,
Bridgetown and the Company specifically disclaim any obligation to
do so, except as required by law. The inclusion of any statement in
this document does not constitute an admission by the Company nor
Bridgetown or any other person that the events or circumstances
described in such statement are material. These forward-looking
statements should not be relied upon as representing Bridgetown’s
or the Company’s assessments as of any date subsequent to the date
of this document. Accordingly, undue reliance should not be placed
upon the forward-looking statements. In addition, the analyses of
the Company and Bridgetown contained herein are not, and do not
purport to be, appraisals of the securities, assets or business of
the Company, Bridgetown or any other entity.
Bridgetown (NASDAQ:BTWN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Bridgetown (NASDAQ:BTWN)
Historical Stock Chart
From Dec 2023 to Dec 2024