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Investing.com - Dot Ai has announced the closure of a blank-check tie-up with special purpose acquisition group ShoulderUp Technology Acquisition Corp. that will see the asset intelligence start-up become a publicly traded company from next week.
In a statement on Friday, SEE ID, which does business as Dot Ai, said its Class A common stock and warrants will begin trading on the Nasdaq under the ticker symbols "DAIC" and "DAICW," respectively, on June 23.
Dot Ai offers a selection of tools that are designed to help businesses streamline their logistics and supply chain processes and bolster their operational security.
Along with the merger with ShoulderUp, Dot Ai said it also raised $12 million in so-called private investment in public equity (PIPE) financing to help support its strategic growth plans. These include the expansion of Dot Ai’s research and development goals and go-to-market plans as well as the development of its manufacturing operations based in Puerto Rico.
With PIPE deals, special purpose acquisition companies can raise additional funds from private investors like hedge funds and institutions in exchange for shares prior to the deal being completed.
Friday’s announcement comes after Dot Ai and Würth Group’s North American unit unveiled a new partnership in November to enhance the tracking service for the fastener maker’s clients.
The five-year agreement aims to accelerate order processes, improve performance metrics and optimize asset intelligence for these customers, the companies said in a joint statement on Thursday.
“As we enter our next chapter of growth as a publicly listed company, our team remains laser-focused on continuing to execute on our new product launches, building upon our transformative partnership with industrial manufacturing leader, Würth Industry USA, and finalizing contracts with key players across a variety of sectors," said Dot Ai CEO Ed Nabrotzky in a statement.
Nabrotzky and ShoulderUp CEO Phyllis Newhouse are among seven people set to join Dot Ai’s Board of Directors upon the closing of the combination, the company said. Additional board members are expected to be announced at a later date.