Clarification sent to shareholders ahead of three-way merger between Astrea, HotelPlanner.com and Reservations.com
WHO knew that a rocket incident would affect the three-way business combination of Astrea Acquisition Corp with HotelPlanner.com and Reservations.com which has been scheduled for a shareholders vote on February 15.
The incident, in which four NASA-funded satellites were lost on their way to space after launching atop a rocket built by Astra Space, a publicly-traded rocket startup based in California, has led to Astrea issuing a press release today to clarify the confusion.
In its press release, Astrea Acquisition Corp (NASDAQ: ASAXU), the publicly-traded SPAC (special purpose acquisition company), clarified that it is “not the same company as Astra Space Inc (NASDAQ: ASTR), which had some unfortunate press this week”.
It reminded stockholders to consider the previously announced proposed business combination of Astrea with HotelPlanner.com, a leading travel technology platform powered by proprietary artificial intelligence, and Reservations.com, a premier online travel agency.
The three companies had announced their plans to merge in August 2021, paving the way for a SPAC-led public listing on NASDAQ under the new ticker symbol “HOTP.” The combined company would keep the HotelPlanner name after consummation of the merger.
The August press release said the merger transaction was to enable HotelPlanner to transform into a diversified hotel and event booking platform with complementary revenue streams, and provide the combined company opportunities to realise multiple revenue and cost synergies to drive faster growth at scale.
The combined company has a forecasted 2022 revenue of approximately $170 million and is expecting a three-year revenue CAGR (2020 to 2023) of approximately 42%. The transaction values the combined company at an enterprise value of $567.1 million, plus additional consideration should it achieve market-based milestones.
The shareholders’ meeting will take place on February 15, 2022. Upon closing of the transaction, the combined company is to be named “HotelPlanner Inc.” and its common stock and warrants are expected to be traded under the ticker symbols “HOTP” and “HOTPW,” respectively.
