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MariaDB (MRDB) shares fell 35% in late morning trading Monday after the company closed on its planned merger with SPAC Angel Pond Holdings (NYSE:POND).
Shares of the newly combined company opened at $11.55. The stock most recently traded at $7.20 at approximately 11:10 a.m. ET, down 35% from its pre-merger close of $11.10 on Friday, according to Yahoo Finance data.
MariaDB and Angel Pond announced plans to merge in February at an estimated enterprise value of $672M. Angle Pond investors approved the deal on Nov. 22.
The deal was expected to provide MariaDB with $317M in net cash proceeds, including $265M in cash from Angel Pond’s trust account, assuming no redemptions, along with $104M from a Series D funding round and $18M in fully committed PIPE financing.
MariaDB is a provider of open source cloud database products. The combined company will be headquartered in Dublin and Redwood City.
Angel Pond is led by Theodore Wang, a former partner at Goldman Sachs, and Simon Xie, a co-founder of Alibaba (BABA). The SPAC went public in May 2021, raising $250M.
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