Appleby is advising NYSE-listed Pegasus Digital Mobility Acquisition Corp. (“Pegasus”), a special purpose acquisition company (SPAC) sponsored by StratCap, LLC, on its announced business combination with Gebr. SCHMID GmbH (“SCHMID”), a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries, that would result in the SCHMID Group becoming a publicly listed company on the NYSE. The transaction values SCHMID at an enterprise value of USD 640 million based on SCHMID’s revenue growth.
This high-profile transaction involved a cross-jurisdictional Appleby team led by Hong Kong Managing Partner David Bulley with Cayman-based Global Co-Head of SPACs Dean Bennett and Hong Kong associate Alejandra Gonzalez Saucedo. Clifford Chance is acting as U.S., German and international legal counsel to Pegasus, and Appleby is acting as Cayman counsel to Pegasus. Gleiss Lutz and Fenwick & West are advising SCHMID as legal counsel.
In 2021, Appleby acted as Cayman counsel to Pegasus on its USD200 million SPAC IPO on The New York Stock Exchange.