Futurewave Acquisition (FWAC) signed a merger agreement with Olympian Group based on Olympian’s $400 million company net value.
Olympian shareholders would receive 40 million shares of the combined company’s parent, valued at $10 each. Futurewave would merge into a wholly owned subsidiary, while Olympian would survive a concurrent merger as that subsidiary’s wholly owned unit. The combined company is expected to be listed on Nasdaq. At closing, each Futurewave right would be exchanged for one-fourth of a Class A share.
Olympian’s identified key founders would receive Class B shares carrying 10 votes each; other Olympian shareholders would receive Class A shares carrying one vote each. Following Futurewave’s merger, Olympian would appoint four of the parent’s five directors and Futurewave would appoint one. Completion requires regulatory and shareholder approvals.