By Jarrett Banks
Tel Aviv-based Gesher I Acquisition Corp. (Nasdaq: GIAC), a SPAC, entered into an amended forward purchase agreement with by M&G Investment Management Ltd, the companies said in a statement.
The SPAC has yet to announce a target. M&G, through its M&G (ACS) Japan Equity Fund, will purchase 4 million forward purchase units at a price of $10.00 per unit for an aggregate price of $40 million, the statement said.
“M&G’s additional commitments to Gesher reflect not only a target rich investment environment, but also our confidence in both the Gesher management team and its long-term investment philosophy,” Carl Vine, Portfolio Manager at M&G, said in the statement.
M&G also agreed to provide a backstop commitment of up to $10 million and not to its exercise redemption rights, according to the statement.
“Gesher is honored to have this additional investment from M&G, a prestigious institution with a track record for long-term and responsible investing,” Ezra Gardner, CEO of Gesher, said in the statement. “The additional capital commitment demonstrates M&G’s belief in Gesher’s ability to create substantial value by securing the right target company.”