MANILA, Philippines — Hotel101 Global Pte. Ltd., the Singapore-based unit of DoubleDragon Corp., is set to merge with Nasdaq Stock Exchange-listed JVSPAC Acquisition Corp., a deal that is expected to unlock $2.3 billion in valuation for the hotel chain developer that aims to be the first Filipino company to list on the tech-heavy American bourse.
JVSPAC is a special purpose acquisition company (SPAC) headquartered in Hong Kong that was formed in 2021 mainly for executing business mergers. Although SPACs, also known as blank-check companies, are publicly traded, these do not yet have established business plans.
Hotel101 on Monday said the merger would mainly be a “business combination transaction” to form an entity that would be listed under the ticker symbol “HBNB.”
Merging with SPAC—similar to how Singapore super app had gained entry to Nasdaq in 2021—is similar to backdoor-listing but…
