Appleby Advises Aperture AC in Its Definitive Business Combination With Atlantic HPC Group
Appleby is pleased to announce that it acted as Cayman Islands legal counsel to Aperture AC (Aperture) in connection with its definitive business combination agreement with Atlantic HPC Group (Atlantic), a US-based company that develops and operates power-intensive bitcoin mining and computing facilities. The transaction will take Atlantic public, with the combined company expected to trade on Nasdaq under the ticker “AHPC” and Aperture to be renamed Atlantic HPC Corp.
Aperture will issue 15 million shares at $10.00 per share, with Atlantic stockholders eligible for up to 6 million additional earnout shares tied to operational and share-price milestones. Assuming no redemptions, the transaction is expected to provide up to $102 million in gross trust proceeds and $97 million of pro forma cash, with a $227 million pro forma enterprise value.
The Appleby Mergers & Acquisitions team was led by Cayman Islands Partner Alexandra Low, BVI Partner James Kitching, Hong Kong Senior Associate Alejandra Gonzalez Saucedo, Legal Manager Kelly Tang, Cayman Islands Articled Clerk Emily McIntyre Paralegal Sophia Cunningham, alongside other members of the corporate team.
Appleby continues to play a leading role in cross-border M&A and public market transactions worldwide.
