VCV Digital Technology announced that it plans to become a publicly traded company via a business combination with Fortune Rise Acquisition Corporation (NASDAQ: FRLAW, FRLA and FRLAW), a special purpose acquisition corporation. VCV Digital Technology is an emerging U.S.-based digital assets company providing computing infrastructure for Crypto/Web3 networks to help accelerate adoption of digital asset mining solutions. The combined company is anticipated to have an implied initial pro forma equity value of approximately $381.4 million, translating into an enterprise value of approximately $294.1 million, with the proposed business combination expected to provide approximately $99.7 million in gross proceeds from the cash held in trust by Fortune Rise, assuming no redemptions by public stockholders of Fortune Rise. Day Pitney serves as legal counsel to VCV Digital Technology. The team, led by Attorneys Scott Goodman, Rick Harris and Gretchen Blauvelt-Marquez, includes Trevor Korb and Alexis Coudert, with executive compensation and benefits counsel provided by David Doyle and Tom O'Mullane, intellectual property and information technology counsel provided by Kritika Bharadwaj, labor and employment counsel provided by Heather Brochin, antitrust/Hart-Scott-Rodino counsel provided by Lane Watson, and tax counsel provided by Steve Ziobrowski and Emily Byrnes, with pre-merger corporate organization and structuring spearheaded by David Waizer, with assistance from Gessi Giarratana.
For more details on the deal click here. The deal was also covered by Bloomberg Law.
Day Pitney Employment and Labor practice chair Heather Weine Brochin was featured in the Law360 article "Takeaways from the FTC's Noncompetes Ban."
Day Pitney Employment and Labor practice chair Heather Weine Brochin was featured in FIERCE Healthcare's article "FTC Votes 3-2 on Final Rule to Ban Noncompete Agreements, But Legal Challenges Expected."
Day Pitney Employment and Labor practice chair Heather Weine Brochin was featured in Variety's article "FTC Issues Ban on Noncompete Agreements – But Experts Say Rule Will Face Legal Challenges."
Day Pitney Data Privacy, Protection and Litigation chair William Roberts authored an op-ed with CBIA's President and CEO Chris DiPentima titled "Here Are Preemptive Measures to Limit a Cyberattack's Damage to Your Business," for the Hartford Business Journal.
Day Pitney Employment Attorneys James Leva, Howard Fetner and Lindsey Viscomi authored the alert "Employee's Medical Marijuana Termination Claim Goes Up in Smoke," that was published by the Connecticut Business & Industry Association (CBIA).
On April 10, Day Pitney Family Office practice chair R. Scott Beach was a panelist Botoff Consulting's Family Governance Compensation Report webcast alongside Dennis Jaffe (BanyanGlobal Family Business Advisors) and Trish Botoff.
Day Pitney Alert
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Gothamist article "Court Tells Wealthy NJ Town: We'll Decide Where You'll Put Affordable Housing."
Copyright © 2024 Day Pitney LLP, all rights reserved.