SINGAPORE – Super-app Grab will list in the United States on Thursday (Dec 2), after Altimeter Growth Corp’s investors approved the merger between the two companies.
The combined entity will trade on Nasdaq under the ticker GRAB after the proposal was passed at an extraordinary general meeting on Tuesday.
The merger is one of the largest special purpose acquisition company (Spac) deals ever, valuing the combined entity at nearly US$40 billion (S$54.6 billion).
Singapore-headquartered Grab, which started out in the ride-hailing business, has expanded its business operations to delivery and digital financial services in more than 400 cities across eight countries in South-east Asia.
Altimeter Growth said in a statement that there were virtually no shareholder redemptions, or shareholders voting to receive their investment back. Redemptions came in at 0.02 per cent.
Official voting numbers will be made public after a form 8-K is filed with the US Securities and Exchange Commission.
Grab’s merger with Altimeter Growth was announced in April, around the peak of Spac interest. The deal, originally slated for completion in the third quarter of this year, was delayed as a financial audit of Grab’s accounts was being finalised.
Last month, Grab reported that its net loss widened to US$988 million in the third quarter ended September, while revenue fell 9 per cent to US$157 million due to the decline in its mobility business as a result of Covid-19 lockdowns in Vietnam.
Its revenue drop came despite its gross merchandise revenue growing 32 per cent to US$4 billion for the period.
In recent weeks, Grab’s app has experienced service issues, with users in Singapore and other markets facing intermittent disruption and being unable to order food or make ride bookings.