Vertex Technology Acquisition Corp (VTAC) - Phillip Securities 2023-11-19: Limited Value In Watching Live

Vertex Technology Acquisition Corp (VTAC) - Limited Value In Watching Live

Vertex SPAC (SGX:VT1) | SGinvestors.ioVertex SPAC (SGX:VT1)
  • Vertex Technology Acquisition Corporation (VTAC) is acquiring live streaming company 17LIVE Inc for S$800.8mil through the issuance of 160.162mil new shares. The valuation may rise another S$122mil from the issuance of new (earnout) shares by Aug 2024. Financial targets to issue these 24.4mil new (earnout) shares include EBITDA declining by an estimated 14% y-o-y in 2H23 (from US$11.14mil to US$9.6mil) and total revenue declining an estimated 12% y-o-y in FY23 (from US$363.7mil to US$320mil).
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  • FULLY REDEEM their shares at the Redemption price range of S$5.00-S$5.02 per share.
  • Revenue for 17Live has been declining since 2021. Revenue has been dragged down by falling active users and weaker average spending. Earnings in 1H23 have improved with a net profit of US$9.4mil. This has been achieved through cost-cutting efforts.
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  • We also believe the purchase cost of the shares issued to the vendors of 17LIVE Inc, promote shares and earnouts shares are significantly lower than the redemption price range. Based on our current fair value, we view the warrants as out of money and there is a risk it can expire at zero value.


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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Phillip Research Team Phillip Securities Research | 2023-11-19

Price targets by other brokers at Vertex SPAC Target Prices.

Listing of research reports at Vertex SPAC Analyst Reports.

Relevant links:
Vertex SPAC Share Price History,
Vertex SPAC Announcements,
Vertex SPAC Dividends & Corporate Actions,
Vertex SPAC News Articles


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