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Grid Dynamics Announces Combination with ChaSerg Technology Acquisition Corp. to Become Publicly Listed Company

[2019.11.13, Wed 14:03] SAN RAMON, Calif. & NEW YORK-(Business Wire)-Grid Dynamics International, Inc., a leader in driving enterprise-level digital transformation, today announced that it has entered into a definitive merger agreement with ChaSerg Technology Acquisition Corp., a special purpose acquisition company led by Chief Executive Officer Lloyd Carney and President and Chief Financial Officer Eric Benhamou. Under the terms of the proposed transaction, the business combination will be effected through a merger pursuant to which Grid Dynamics will be acquired by a subsidiary of ChaSerg and become a publicly traded entity under the name "Grid Dynamics Holdings, Inc.". Assuming no redemptions by the public stockholders of ChaSerg, the balance of the approximately $224 million in cash held in ChaSerg's trust account will be used to pay the existing Grid Dynamics shareholders cash consideration of $130 million. The remainder of the consideration payable to the existing Grid Dynamics shareholders will consist of approximately 25.5 million shares of ChaSerg common stock. The transaction has been approved by the boards of directors of both Grid Dynamics and ChaSerg. At 11:00 AM ET on November 13, 2019, Grid Dynamics and ChaSerg will host a joint conference call to discuss the business combination with the investment community. ChaSerg Technology Acquisition Corp. 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.
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