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Sept. 21, 2021, 7:14 a.m. EDT

Digital freight platform Transfix to go public via merger with SPAC

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By Ciara Linnane

GSQD

Transfix Inc., a digital freight platform, said Tuesday it is going public by merging with special-purpose acquisition corporation G Squared Ascend I /zigman2/quotes/225665452/composite GSQD +0.35% in a deal with a pro forma enterprise value of $1.1 billion. The deal is expected to close in the first quarter of 2022, leaving Transfix with about $375 million of cash to accelerate growth plans. Combined with a $50 million revolving credit facility from MidCap Financial agreed in May, the company will have about $400 million in liquidity to be invested in product innovation and technology. The new company will list on the New York Stock Exchange, under the new ticker 'TF.' Transfix Chief Executive Lily Shen and co-Founder and Chairman Drew McElroy will remain in their roles. Transfix, which works with some Fortune 500 companies, as well as with mid- and small-sized shippers, grew revenue by 40% in 2020.

/zigman2/quotes/225665452/composite
US : U.S.: NYSE
$ 9.91
+0.04 +0.35%
Volume: 252,983
Oct. 22, 2021 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$278.19 million
Rev. per Employee
N/A
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