According to a statement released by the SPAC, Altimeter Growth, the majority of its shareholders voted in favour of the deal, which will place Grab on Nasdaq.
There were virtually no redemptions – shareholders voting to receive their investment back – which came in at a rate of just 0.02%.
Official voting numbers will be made public when the company files a form 8-K with the securities and exchange commission.
The business combination with Grab is expected to close on Dec 1, and the new company will commence trading on Nasdaq on Dec 2 under the ticker symbol “GRAB”.
A SPAC raises capital through a market listing then merges with an existing private company.
This route has become popular with start-ups because it gives them a faster and simpler path to public markets than initial public offerings.
But US regulators have ramped up scrutiny of SPAC deals this year.
Grab’s Class A shares will trade as GRAB.
Its Class B shares – entitled to 45 votes per share – will be held by management, giving it about 60% of voting rights.
The Singapore company will be only the second Southeast Asian tech start-up listed in the US after compatriot Sea, an online gaming and e-commerce group, which listed on the New York Stock Exchange in 2017 and was valued at US$160 billion as of Friday.
Grab’s listing provides US investors with a fresh opportunity to invest in Southeast Asia, which has been underrepresented in the global stock market despite the region’s growth potential.
Grab chose to go public via a merger with Altimeter Growth – which made its IPO in October 2020 – as the deal provides Grab with about US$4.5 billion in proceeds, including US$4 billion in private investment in public equity.
When the merger was announced in April, Altimeter valued post-merger Grab at nearly US$40 billion, making it one of the biggest SPAC deals globally.
Grab offers services such as ride-hailing, food delivery and mobile payments via a one-stop superapp.
It focuses on Southeast Asian markets, with operations in Singapore, Malaysia, Indonesia, Vietnam, Thailand, the Philippines, Cambodia and Myanmar.
The company reported a net loss of US$988 million for the three months through September, versus a US$621 million net loss in the same period last year.
Altimeter Growth’s share price closed 5.8% down at US$12.72 yesterday, but regained that amount and more in after-hours trading.