Gambling-focused media company Enteractive Media plans to go public on the Nasdaq stock market through a merger with special purpose acquisition company Parsec Capital Acquisitions.
The board of directors of both companies have approved the transaction, which is expected to close before the end of this year, subject to shareholder approval and other closing conditions.
The combined business will remain listed on Nasdaq and will be renamed Enteractive Media Inc.
“We are excited to have Enteractive for this business merger and look forward to consummating this transaction,” said Patricia Trompeter, chairperson and chief executive of Parsec.
“We believe that, with the value proposition Enteractive brings to this transaction, it is well-positioned for substantial growth and sustainability. We view the transaction valuation as highly attractive to investors. We believe that through our merger, coupled with the management’s background we have the potential to create significant value for shareholders.”
Enteractive Media shareholders will receive five million Class A shares in the combined business upon closing.
Shares in Parsec Capital Acquisitions Corp. (NASDAQ:PCX) closed at $10.18 per share in New York Tuesday.