Crescent Acquisition (NASDAQ:CRSA) stock is on the rise Thursday after announcing plans for a special purpose acquisition company (SPAC) merger with LiveVox.
Here’s everything that potential investors in CRSA stock need to know about the upcoming LiveVox SPAC merger.
- The merger will take LiveVox public and see its shares trade on the Nasdaq Exchange under the LVOX stock ticker.
- Once the deal closes, the combined company will have an estimated value of $840 million.
- It will also provide LiveVox with a total of $350 million to make use of once it’s public.
- That includes $250 million from Crescent Acquisition’s trust account.
- Another $75 million will come from a group of institutional investors.
- The final $25 million will come from forward purchase agreements made by Crescent Capital Group Holdings LP.
- LiveVox notes that it plans to use up to $220 million of these proceeds to buyback equity from current investors.
- It expects to add $100 million from the funds to its balance sheet.
- LiveVox is a cloud-based communications company that connects businesses with agents to handle customer service.
- Its platform allows agents to easily connect with customers across voice, email, SMS, webchat, and chatbots.
- The company was founded in 2000 and its headquarters is located in San Francisco.
- It also has offices in Atlanta, Denver, St. Louis, Colombia, and Bangalore.
CRSA stock was up 6.1% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.