Our Terms & Conditions | Our Privacy Policy
This is AI generated summarization, which may have errors. For context, always refer to the full article.
Edgar ‘Injap’ Sia’s Hotel101 is set to become the first Filipino-owned firm listed in the Nasdaq with its scheduled listing in June
MANILA, Philippines – DoubleDragon Corporation’s Hotel101 Global is set to become the first Filipino-owned company to be listed in the United States’ Nasdaq composite, one of the country’s most followed stock exchange indices.
The real estate firm of Edgar “Injap” Sia II disclosed to the stock exchange on Tuesday, June 3, that the US Securities and Exchange Commission approved the registration statement related to the merger between Hotel101 Global and JVSPAC Acquisition Corporation.
JVSPAC is a Hong Kong-based special purpose acquisition company formed in 2021 to execute mergers.
The move values Hotel101 at $2.3 billion or around P130 billion.
Hotel101 said in a statement that it expects to close the merger as soon as possible, subject to regulatory and shareholder approvals. This sets the stage for its listing in Nasdaq with the ticker symbol HBNB later this month.
In a statement, Sia said Hotel101 sees an extraordinary opportunity to disrupt the industry with its unique concept and business model.
“With DoubleDragon’s deep experience in real estate and high-growth businesses, we are fully committed to supporting Hotel101 as it makes its mark on the global stage, becoming the first Filipino-owned company to be listed and traded on Nasdaq,” he said.
Hotel101 chief executive officer Hannah Yulo-Luccini added that the move brings the hotel chain closer to its goal of becoming the world’s truly global one-room hotel chain.
“Our asset-light, prop-tech hospitality platform is built for efficiency and scalability, offering a globally standardized ‘condotel’ model that empowers individual real estate unit ownership in the hospitality sector while enhancing the guest experience. This innovative approach creates a dual revenue stream — first, through the pre-sale of hotel units to individual unit owners, and then through long-term management and operations contracts,” she said.
The Nasdaq listing is expected to provide Hotel101 access to public capital markets abroad to fuel its global expansion. So far, the firm has begun establishing a presence in Japan, Spain, and the US.
News of the merger caused a surge in parent firm DoubleDragon’s share price at the local bourse, jumping 9.84% at P11.16 as of 11:59 am on Tuesday trade. – Rappler.com
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.