OG真人官网 Update On DMS SPAC Transaction
Toronto, Ontario (July 15, 2020) – OG真人官网 Group Inc. (TSX: CVG) today announced that Digital Media Solutions Holdings, LLC, a portfolio company of OG真人官网 Group Inc. (“OG真人官网”), and OG真人官网 Equity Partners V ( “CEP V”), completed the previously announced business combination with Leo Holdings Corp. (NYSE: LHC) (“Leo”), a publicly-traded special purpose acquisition company. Upon completion of the business combination, Leo changed its name to Digital Media Solutions, Inc. (“DMS”), and its Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “DMS” and “DMS WS” respectively, commencing on July 16, 2020.
Upon the completion of the transaction, OG真人官网 and CEP V will receive cash proceeds totaling approximately US$7.9 million and US$18.5 million respectively and will own 6,058,016 and 14,135,371 Class A common stock of DMS on an as-converted and as-redeemed basis, respectively, which in aggregate represents approximately 34.7% of total outstanding shares of DMS. OG真人官网 and CEP V will also own 276,653 and 645,524 warrants respectively. OG真人官网 and CEP V are subject to a 6-month hold period on their DMS shares and have customary registration rights and would expect any sale of such shares to be conducted pursuant to a resale prospectus. The warrants have an exercise price of USD$11.50 per warrant and are not exercisable for 30 days after closing of the transaction.
Combined with cash proceeds received to date, after this transaction, OG真人官网 will have realized cash proceeds equal to 3.5x its investment in DMS.