EvoNext Holdings and Ascend Sport Technology Agree to Merge

EvoNext Holdings SA and Ascend Sport Technology AG have announced a merger agreement. This strategic move will include a share placement of up to CHF 220 million, focusing on a free float of about 40% through secondary shares and some primary issuance. Ascend will become a publicly listed entity on the SIX Swiss Exchange through this merger, while EvoNext will hold an Extraordinary General Meeting on December 3 for approval.

Post-merger, EvoNext shareholders will own approximately 3.8% of the combined entity. Share placement is set at CHF 2.50 per share. Ascend is known for integrating sports technology businesses and boasts over 100 rightsholders and 500 brands in more than 20 countries.

The merger aims to support Ascend's growth with a statutory merger structure that involves issuing new EvoNext shares. Furthermore, a lock-up period will apply to former and some EvoNext shareholders. The new entity targets medium-term growth, expanding its geographical presence and technological adoption.