Deal

PRESS RELEASE 

20Cube Logistics, a Software-Enabled International Supply Chain Orchestrator, Has Entered into a Business Combination Agreement with Evo Acquisition Corp. to Enable 20Cube Logistics to Go Public

– 20Cube Logistics Pte. Ltd. (“20 Cube”) is a software-enabled international supply chain orchestrator from purchase order (PO) to point of delivery (POD) with a technology-driven, proven proprietary system and key presence at over 60 locations in Asia, Australia and East Africa. 20Cube has over 600 employees.

– Along with its software suite, 20Cube’s control tower-based approach and sophisticated workflows were designed, tested and optimized as a system over the past ten years. This innovative approach is uniquely able to provide end-to-end logistics visibility in real-time.

– 20Cube anticipates that this approach will also afford it significant operating leverage as it scales. This transaction will provide working capital and acquisition funding to enable it to further accelerate growth.

– 20Cube’s revenue grew at 74% in FY2022, consisting of gross revenue of US$163 million with Adjusted EBITDA of US$13 million.

– The proposed transaction positions 20Cube to drive inorganic growth through an acquisition strategy across various regions and to capture synergized profitability through transition to the 20Cube platform.

– Following the consummation of the proposed transaction, assuming no redemptions by shareholders of Evo Acquisition Corp. (“Evo”) and that all 20Cube shareholders participate in the transaction, the resulting combined company, to be known as 20Cube Logistics Solutions Ltd. (“Pubco”) will have an implied initial enterprise value of approximately $338 million and is expected to have up to $135 million in net cash proceeds immediately after closing, assuming a proposed $20 million subordinated convertible note investment by affiliates and relationships of Evolution Capital Management is negotiated, finalized and consummated.

– The transaction is expected to close in the first quarter of 2023. Pubco’s ordinary shares are expected to be listed on the Nasdaq Capital Market under the symbol “TCUB”.

– 20Cube and Evo expect to hold a joint investor conference call to discuss the proposed business combination and will notify interested parties via press release.

The full release can be read here.

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