DLA Piper advises Lionheart III Corp
DLA Piper has advised Lionheart III Corp (Lionheart), a NASDAQ-listed special purpose acquisition company (SPAC) on its
DLA Piper advises Lionheart III Corp DLA Piper has advised Lionheart III Corp (Lionheart), a NASDAQ-listed special purpose acquisition company (SPAC) on its US$360 million de-SPAC transaction. To take up SMX public on the NASDAQ Stock Market the deal was with Australia-listed brand protection, supply chain integrity and blockchain technology company Security Matters Limited...
DLA Piper advises Lionheart III Corp
DLA Piper has advised Lionheart III Corp (Lionheart), a NASDAQ-listed special purpose acquisition company (SPAC) on its US$360 million de-SPAC transaction.
To take up SMX public on the NASDAQ Stock Market the deal was with Australia-listed brand protection, supply chain integrity and blockchain technology company Security Matters Limited (SMX).
Lionheart is sponsored by an affiliate of Lionheart Capital, a Miami-based diversified investment firm. It was focused on building shareholder value in high-growth companies.
To permanently "mark" objects (whether solid, liquid or gas), SMX owns and commercializes technology. Presently operating in the circular economy, it allows identification, circularity, proof of authenticity, tracking supply chain movements and quality assurance. It includes the plastics, electronics, precious metals and minerals, food and beverage and agriculture sectors.
Lionheart and SMX have signed a business combination agreement and a scheme implementation deed. Through a newly formed Irish company to be named "Security Matters Public Limited Company, it is subject to customary closing conditions, which will result in SMX listing on the NASDAQ Stock Market."
Ophir Sternberg, CEO and Founder of Lionheart Capital said, "We are grateful to the global DLA Piper team for their role in implementing this transaction. Moreover we are honored to welcome SMX to the Lionheart portfolio of diverse and exciting business activities."
Across the US, Australia, Ireland and Israel, DLA Piper offices and advisors are included in the multi-jurisdictional and unique nature of the transaction. It sets another example of the firm's capability, particularly in the technology sector, in executing complex market-leading global M&A and capital markets transactions.
Joshua Samek, Co-Chair of the firm's Miami corporate practice, who led the US deal team, said, "We are pleased to help Lionheart deliver an innovative transaction to its stockholders. It is by leveraging the global resources of DLA Piper to address the many complex cross-jurisdictional issues raised."
David Ryan, Sydney-based partner, who helped lead the deal team in Australia said "Involving an ASX-listed target, this was a great opportunity to act in the first de-SPAC transaction in Australia."
The DLA Piper team was primarily supported in the US by Partner Steven Pidgeon and Associates Jeffrey Scharfstein and Gabriel de Corral in addition to Samek and Ryan. In Australia it was by partner Elliott Cheung, special counsel Roger Hawkins and solicitor Cassian Ho. In Ireland it was by legal director Steven Duggan and Senior Associate Michael Tansley.
Headed in the US by Partners Maruti R. Narayan and Drew Young, the transaction was also supported by a cross border tax team. In Australia by partner Eddie Ahn and Senior Associate Kenny Mui and in Ireland by Partner Maura Dineen.
DLA Piper helps clients execute complex cross-border transactions seamlessly. It also supported clients across all stages of development with more than 1,000 corporate lawyers globally. According to Merger market, the firm has been rated number one in global M&A volume for 11 consecutive years. The firm advises on all elements of complex SPAC and other public M&A transactions. It includes M&A, tax and securities. In the past three years, DLA Piper has advised on more than 50 SPAC transactions.