Hotel101's NASDAQ listing this June

DoubleDragon Corp. reported that the United States Securities and Exchange Commission (US SEC) has declared effective its subsidiary Hotel101 Global Holdings Corp.'s registration statement on Form F-4 in connection with the business combination with JVSPAC Acquisition Corp. for its NASDAQ listing.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), DoubleDragon said the business combination values Hotel101 at an equity value of $2.3 billion, and Hotel101 is expected to list on NASDAQ this month after a few months' delay. The original target was late last year.

The closing of the business combination is expected to occur as soon as possible, subject to regulatory and shareholder approvals and other customary closing conditions.

Upon listing, the combined company will operate as Hotel101 Global Holdings Corp. and trade under the ticker symbol HBNB.

Once listed, Hotel101 will become the first Filipino-owned company to be listed and traded on NASDAQ. Hotel101 is a subsidiary of Philippine-listed DoubleDragon.

Last week, Hotel101 said it has teamed up with Horizon Group for a major expansion in the Kingdom of Saudi Arabia, with plans to develop up to 10,000 hotel rooms worth $2.5 billion.

Hotel101 has signed a joint venture partnership agreement with Horizon as the main partner for its expansion into Saudi Arabia, with a vision to introduce the Hotel101 brand.