A Nelson Mullins team is representing Arogo Capital Corporation (“Arogo”) in its definitive agreement with EON Reality, Inc. (“EON”) that will result, subject to the satisfaction or waiver of certain closing conditions, in EON becoming a public company. Upon closing of the transaction and satisfaction of listing conditions, EON will be listed on NASDAQ. The Nelson Mullins team was led by corporate lawyers Andy Tucker, Matthew Huddle, and Zalak Raval and included Nichole Hayden, Michelle Johnson, Drew Hermiller, and Colleen Kline.

EON provides augmented and virtual reality academic and industry training solutions. It has developed AR/VR education and industry solutions that support devices from mobile phones to head-mounted displays to large-scale screens and facilities. With more than 20 locations worldwide, EON has an AR/VR training library with more than 8,000 applications and 40 million users globally.

Arogo is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its management team identifies and acquires businesses focusing on operations or prospective operations in electric vehicles technology, smart mobility, or sustainable transportation and related business ecosystem in Asia Pacific, primarily South East Asia.

The transaction is expected to close by the second half of 2022, subject to, among other things, the approval by Arogo stockholders, satisfaction or waiver of the conditions stated in the business combination agreement, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (“SEC”) and approval by NASDAQ to list the securities of the combined company. The transaction implies a proforma company enterprise value of approximately $655 million. It is expected to provide EON with approximately $101 million in cash proceeds to its balance sheet, assuming no redemptions and before the payment of transactional fees and expenses.

Tucker is a corporate and securities advisor to growing companies, particularly in the technology and government contracting sectors. He assists his clients with a broad variety of transactional support, including venture capital and private equity transactions, joint ventures, mergers and acquisitions, and public and private securities offerings.

Huddle focuses his practice on mergers and acquisitions, private equity, venture capital, and corporate governance. Matt’s experience includes advising private, public, foreign, and domestic clients in a variety of industries, including technology, life sciences, financial services, investment management, and chemical and products manufacturing from both the company/seller and investor/buyer perspectives.

Raval concentrates her practice on public and private securities offerings, reporting, and compliance under the 1933 Act and the 1934 Act and general corporate matters, with a specific focus on Special Purpose Acquisition Companies.

View the press release.