Vertex set to announce partnership with 17Live!
In a significant development in the world of technology and entertainment, Vertex, a prominent Special Purpose Acquisition Company (SPAC), has announced its plans to merge with 17Live, a leading global live streaming platform. This merger will create fresh opportunities and stimulate innovation in the live-streaming industry, addressing the evolving demands of digital audiences.
Vertex’s decision to merge with 17Live signifies its commitment to identifying and partnering with transformative technology companies. 17Live has gained a massive following worldwide, making it a prime candidate for such a strategic partnership.
This merger anticipates unlocking opportunities for market expansion and driving innovation within the livestreaming sector. The growing appetite for live content, particularly accelerated by the global pandemic, positions Vertex’s collaboration with 17Live as a means to provide users with enriched experiences.
The agreement entails issuing approximately 185 million new VTAC shares to 17Live Holding at US$3.65 per share. Among these, 24.4 million shares will be issued upon reaching specific financial targets. Founded in 2017 as M17 Entertainment, 17Live emerged from the merger of Paktor Group and live-streaming firm 17 Media. Joseph Phua, co-founder of 17Live, served as group CEO until August 2020. Initially, 17Live planned to go public in 2018 but withdrew its listing on the scheduled day due to share settlement issues.
Vertex’s merger with 17Live is a strategic business move and a reflection of the evolving entertainment landscape. Livestreaming has emerged as a dynamic and influential medium, and this partnership promises to elevate the industry to new heights. As the two companies join forces, users can anticipate an array of exciting live-streaming innovations and experiences that will shape the future of digital entertainment.
