Grid Dynamics Goes Public through Business Combination with ChaSerg Technology Acquisition Corp.
March 05 2020 - 7:00PM
Business Wire
Combined Company Renamed Grid Dynamics
Holdings, Inc. and will Trade on the Nasdaq Stock Market under
Ticker GDYN
Grid Dynamics Holdings, Inc. (“Grid Dynamics”), a leader in
enterprise-level digital transformation, together with ChaSerg
Technology Acquisition Corp. (Nasdaq: CTAC) (“ChaSerg”), a special
purpose acquisition company, today announced that they have
completed their previously announced business combination. The
business combination was approved at a special meeting of
stockholders of ChaSerg on March 4, 2020, and closed on March 5,
2020. Upon completion of the business combination, Grid Dynamics
Holdings, Inc. common stock and warrants are expected to begin
trading on the Nasdaq Stock Market under the ticker symbol “GDYN”
and “GDYNW,” respectively, commencing March 6, 2020. At the time of
closing, Grid Dynamics had a market capitalization of approximately
$660 million.
Grid Dynamics’ management team, led by Leonard Livschitz, Chief
Executive Officer, and Anil Doradla, Chief Financial Officer, will
continue to lead the combined company. Lloyd Carney, Chief
Executive Officer of ChaSerg will serve as Chairman of the combined
company’s board of directors.
Mr. Leonard Livschitz stated, “This is a tremendous milestone
for Grid Dynamics and a testament to the hard work and dedication
of our global team. We would especially like to thank ChaSerg for
their partnership and many contributions to our success. We are
excited to move forward together with our new board of directors
and investors as we continue to execute on Grid Dynamics’ growth
plan as a public company. With Grid Dynamics’ strong foundation in
digital transformation and vision for growth, we see significant
opportunities for long-term value creation.”
Mr. Lloyd Carney stated, “We are thrilled to complete the
business combination with Grid Dynamics and excited to work with
Leonard and the entire Grid Dynamics team, as they continue to
build on their success as a public company.”
Cantor Fitzgerald and William Blair acted as capital markets
advisors to ChaSerg. Latham & Watkins LLP and Ellenoff Grossman
and Schole LLP served as legal counsels to ChaSerg. Covington
Associates LLC acted as financial advisor to Grid Dynamics. Wilson
Sonsini Goodrich & Rosati, P.C. acted as legal counsel to Grid
Dynamics.
About Grid Dynamics
Grid Dynamics is a leader in driving enterprise-level digital
transformation services for Fortune 1000 corporations. We work in
close collaboration with our clients on digital transformation
initiatives that span strategy consulting, early prototypes and
enterprise-scale delivery of new digital platforms. We help
organizations become more agile and create innovative digital
products and experiences using deep expertise in emerging
technology, top global engineering talent, lean software
development practices, and a high-performance product culture. Our
secret sauce is in applying emerging technologies such as
artificial intelligence, data science, cloud computing, Big Data
and DevOps to enable digital transformation across the enterprise.
Headquartered in the San Francisco Bay Area with over a thousand
technologists located in engineering delivery centers throughout
the US, Central and Eastern Europe, Grid Dynamics is known for
architecting and delivering some of the largest digital
transformation programs in the retail, technology and financial
sectors to help its clients win market share, shorten time to
market and reduce costs of digital operations on a massive scale.
To learn more about Grid Dynamics, visit www.griddynamics.com, or
follow us on Twitter @GridDynamics.
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that are not
historical facts, and involve risks and uncertainties that could
cause actual results of ChaSerg and Grid Dynamics to differ
materially from those expected and projected. These forward-looking
statements can be identified by the use of forward-looking
terminology, including the words “believes,” “estimates,”
“anticipates,” “expects,” “intends,” “plans,” “may,” “will,”
“potential,” “projects,” “predicts,” “continue,” or “should,” or,
in each case, their negative or other variations or comparable
terminology. These forward-looking statements include, without
limitation, statements concerning: ChaSerg’s and Grid Dynamics’s
expectations with respect to future performance, market size and
anticipated financial impacts of the proposed business combination
(the “Business Combination”); the satisfaction of the closing
conditions to the Business Combination; and the timing of the
completion of the Business Combination.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside ChaSerg’s and Grid Dynamics’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement or could otherwise cause the Business Combination to fail
to close; (ii) the outcome of any legal proceedings that may be
instituted against ChaSerg and Grid Dynamics following the
execution of the Merger Agreement and the Business Combination;
(iii) any inability to complete the Business Combination, including
due to failure to obtain approval of the stockholders of ChaSerg or
other conditions to closing in the Merger Agreement; (iv) the
receipt of an unsolicited offer from another party for an
alternative business transaction that could interfere with the
Business Combination; (v) the inability to maintain the listing of
the shares of common stock of the post-acquisition company on The
Nasdaq Stock Market following the Business Combination; (vi) the
risk that the Business Combination disrupts current plans and
operations as a result of the announcement and consummation of the
Business Combination; (vii) the ability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably and retain
its key employees; (viii) costs related to the Business
Combination; (ix) changes in applicable laws or regulations; (x)
the possibility that Grid Dynamics or the combined company may be
adversely affected by other economic, business, and/or competitive
factors; and (xi) other risks and uncertainties indicated in
ChaSerg’s filings with the SEC.
Grid Dynamics and ChaSerg caution that the foregoing list of
factors is not exclusive. Grid Dynamics and ChaSerg caution readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Neither Grid Dynamics nor
ChaSerg undertakes or accepts any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based. Further information about factors that could materially
affect ChaSerg, including its results of operations and financial
condition, is set forth under “Risk Factors” in Part I, Item 1A of
ChaSerg’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018 and in Part II, Item 1A of ChaSerg’s Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2019,
June 30, 2019 and September 30, 2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200305005913/en/
Grid Dynamics Investor Contact William Maina ICR for Grid
Dynamics 646-277-1236 William.Maina@icrinc.com
ChaSerg Technology Acqui... (NASDAQ:CTAC)
Historical Stock Chart
From Apr 2024 to May 2024
ChaSerg Technology Acqui... (NASDAQ:CTAC)
Historical Stock Chart
From May 2023 to May 2024