TechStar Acquisition Corporation (Stock Code: 7855, Warrant Code: 4855) released an announcement detailing a proposed De-SPAC Transaction involving the issue of up to 110,110,000 Successor Company shares for non-redeeming TechStar Class A shareholders and 25,000,000 Successor Company shares for promoters. In addition, 55,130,000 Successor Company shares may be issued to PIPE investors and up to 100,000,000 Successor Company shares under a Permitted Equity Financing.

According to the announcement, shareholders are scheduled to vote on the De-SPAC Transaction at an extraordinary general meeting on December 1, 2025. The last day of dealings in TechStar Class A shares in board lots of 110,000 (under the short name 「TECHSTARACQ-Z」) and TechStar listed warrants in board lots of 55,000 (under the short name 「TECHSTARACQ Z25」) is expected on December 2, 2025. The Successor Company, to be listed under the name 「SEYOND」 (stock code 2665), plans to commence trading alongside its listed warrants (warrant code 2673) on December 10, 2025, in board lots of 500 shares and 11,000 warrants, respectively.

Shareholders have the option to redeem their TechStar Class A shares from November 12, 2025, until 9:00 a.m. on December 1, 2025, at a redemption price of HK$11.25 per share, pending completion of the De-SPAC Transaction. The announcement highlights a bonus share issue for non-redeeming TechStar Class A shareholders, equivalent to one tenth (0.1) of a new Successor Company share for each TechStar Class A share held prior to the effective time, in addition to the one-for-one share exchange.

The transaction further includes PIPE Investments at HK$10.00 per share and a potential Permitted Equity Financing of up to HK$1,000,000,000. TechStar emphasizes that all contemplated steps remain subject to shareholder approval, fulfillment of various conditions, and regulatory clearance. The announcement advises investors and warrant holders to exercise caution, noting that if the De-SPAC Transaction is not approved or completed, all redemption requests will lapse and no shares will be redeemed.