Sakuu Merger Sets $600 Million Pre-Money Value, Financing Unspecified

Sakuu, a developer of battery electrode manufacturing technology, and Pyrophyte Acquisition Corp. II have agreed to combine in a proposed transaction that values Sakuu at $600 million before new financing. The proposed combination would give Sakuu a route to public markets through Pyrophyte, a special purpose acquisition company. The agreement, signed Oct. 14 and announced Oct. 15, calls for Sakuu equityholders to receive 60 million shares valued at $10 each. At that per-share value, the shares represent $600 million in consideration. The valuation is not a stated cash raise.

Source: TokenPost