Braiin - AG Tech Company will IPO in a $215 million SPAC arrangement

Braiin Ltd., a provider of agricultural analytics and technology, has agreed to merge with a blank-check company for $215 million in order to become public.

‍

A statement said that the deal with Northern Revival Acquisition Corp. should close in the second or third quarter.

‍

“In order to spread the use of precision agriculture throughout the world,” Braiin Chief Executive Officer Natraj Balasubramanian remarked, "This company combination and admission to the public markets will provide us access to a much larger pool of cash."

‍

The Australia-based company offers end-to-end solutions to increase farming production utilizing the internet of things, robots, software, and artificial intelligence. It has offices in six countries and employs more than 300 people. According to the business, technology helps farmers raise their yields by 20% to 25%.

‍

In 2021, during the height of the boom in special purpose acquisitions, Northern Revival Acquisition, formerly known as Noble Rock Acquisition Corp., raised $241.5 million in its first public offering. According to data gathered by Bloomberg, the magnitude and overall value of SPAC acquisitions globally have decreased since then, despite the fact that smaller transactions are still occurring apace.

‍

An increase from 20 sales for $3.6 billion over the same period last year to 50 similar deals totaling $4.1 billion this year. Yet, the figures indicate that as of this time in 2021, there had been 73 transactions with a combined value of more than $47 billion.

‍

Legal counsel was given to Northern Revival Acquisition by Loeb & Loeb. Braiin received legal advice from Winston & Strawn.