Security Matters (SMX), the blockchain startup focusing on traceability for recycling and the circular economy, has announced a Nasdaq SPAC listing. SMX is already listed in Australia, but its merger with Nasdaq’s Lionheart III Corp gives SMX a pre-money valuation of $200 million. At yesterday’s close of business, the SMX market capitalization in Australia was AUD 20 million ($14m). So the valuation is roughly 14 times what it was yesterday.
It’s a truly global firm with most of the key staff based in Israel, initially listed in Australia, and now the SPAC company is based in Ireland but listed on the Nasdaq in the United States. The startup’s 2021 accounts showed zero revenues.
If there are no redemptions of SPAC stock, the merged valuation will be $360 million, including $116 million in cash.
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