US digital safety app Aura farms its way to the ASX via USD100m Qoria deal
Phil King’s Regal Partners and Pinnacle Investment Management have cut their positions in Qoria since the reverse merger was announced, with the stock also caught up in the SaaSpocalypse.
As construction and fit-out firm FDC gears up for one of the biggest local floats of the year on Thursday, another major new listing is due to hit the ASX boards through the backdoor.
Boston-based digital safety platform Aura in February announced the acquisition of ASX-listed Qoria, a software company specialising in student safety and wellbeing, in an all-scrip deal that gave an implied valuation of USD2.1 billion ($3 billion) to the combined group.
Perth-based Qoria will become a wholly-owned subsidiary of Aura, and its existing investors’ shares will convert to positions in the merged entity, which will trade on the ASX.
That is, at least, the situation for those who haven’t already fled the share register following a tumultuous period for the stock, which has more than halved in value since the deal was announced.
