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Plutonian Acquisition Corp. (Nasdaq: PLTN) is a publicly traded special purpose acquisition company (SPAC) formed with the objective of merging, acquiring, or re-organizing one or more businesses. SPACs like Plutonian are designed to raise capital through initial public offerings with the intent of finding and fostering emerging or growing companies.
Recently, Plutonian announced a definitive merger agreement with Big Tree Cloud International Group Limited, a dynamic company that focuses on the development, production, and sale of personal care products and consumer goods in China. This merger will result in the combined entity, named Big Tree Cloud Holdings Limited, to be traded on the Nasdaq Stock Market, reflecting an initial equity value of approximately USD 500 million.
Big Tree Cloud, founded in 2020, has swiftly positioned itself as an innovative force in the consumer goods sector, especially within the feminine hygiene product market. The company integrates a consumer-to-manufacturer model, blending online and offline operations to create an omni-channel sales experience. Their product development is highly influenced by consumer feedback, enabling them to deliver high-quality, tailored personal care items.
At the forefront of their product line are sterilized feminine pads and menstrual pants, which cater to the rising demand among health-conscious consumers in China for sanitary, comfortable, and functional personal care products. Big Tree Cloud leverages advanced sterilization technology, absorbent core structures, and anti-leakage designs to ensure consumer satisfaction.
The merger with Plutonian Acquisition Corp. signifies a major milestone for Big Tree Cloud, enhancing their market presence and offering notable growth opportunities. Upon completion of the transaction, expected in the first half of 2024, the combined company will use the proceeds for working capital and general corporate purposes. The boards of both companies have unanimously approved the merger, anticipating it will foster substantial shareholder value.
Plutonian Acquisition Corp. and Big Tree Cloud's forward-looking strategies position them well in the consumer goods industry. This strategic business combination is designed to leverage Big Tree Cloud's existing strengths and expand its product portfolio beyond feminine care. Legal advisors for this transaction include Paul Hastings LLP, Commerce & Finance Law Offices, Maples Group for Big Tree Cloud and Wilson Sonsini Goodrich & Rosati, P.C. and Global Law Office for Plutonian.
Investors and interested parties can find more details about the merger in the registration statement and additional documentation filed with the SEC at www.sec.gov.
Big Tree Cloud International Group and Plutonian Acquisition Corp. announced the completion of their business combination. The new entity, Big Tree Cloud Holdings, will trade on Nasdaq under the tickers 'DSY' and 'DSYWW' starting June 7, 2024. This move marks a significant milestone for Big Tree Cloud, which has focused on personal care products in China since its inception in 2020. CEO Wenquan Zhu highlighted the benefits of the Nasdaq debut for expanding their product portfolio. Plutonian's CEO, Wei Kwang Ng, expressed optimism about the company's future growth and shareholder value.
Plutonian Acquisition Corp. (NASDAQ: PLTN) announced an addition of $210,000 to its trust account by Big Tree Cloud International Group to extend the deadline for completing a business combination from May 15, 2024, to August 15, 2024.
This extension is facilitated by a promissory note from Plutonian to Big Tree Cloud, which is convertible into shares of common stock at $10.00 per unit. The note bears no interest.
The extension aims to provide additional time to finalize a business combination.
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