Mobilewalla Holdco and SPACSphere Acquisition Corp. (NASDAQ: SSAC) announced that they have publicly filed a Form S-4 registration statement with the U.S. SEC, including a preliminary proxy statement and prospectus for their previously announced proposed business combination.
According to Mobilewalla, completion of the transaction is expected to result in Mobilewalla becoming a publicly traded company under the name Covariate, Inc., with its shares anticipated to trade on Nasdaq or another U.S. national exchange. The closing of the deal is targeted for the second half of 2026, subject to SPACSphere and Mobilewalla shareholder approvals, the Registration Statement being declared effective by the SEC, and other customary closing conditions.
Mobilewalla, a data-centric vertical agentic AI provider, will go public via a business combination with SPACSphere Acquisition Corp (NASDAQ: SSAC), valuing Mobilewalla at a $250 million pre-money equity value.
Mobilewalla reports $13.9 million ARR as of April 30, 2026, a global base of 200+ customers, 94% gross retention, and a 400 PB data lake. The deal, backed by a planned $10 million institutional commitment and up to $172.5 million from SSAC’s trust (assuming no redemptions), is targeted to close in the second half of 2026.