SHANGHAI, China – TH International Limited ( ” Tims China ” or the “Company”) and Silver Crest Acquisition Corporation (“Silver Crest”) announced today additional details of the $194.5 million financing announced on March 9, 2022
Specifically, Tims China has entered into a $100 million committed equity facility (“CEF”) from CF Principal Investments LLC (“CFPI”), an affiliate of Cantor Fitzgerald.
The CEF is governed by an Ordinary Share Purchase Agreement under which the Company will have, in its discretion, the option to sell up to $100 million of its ordinary shares to CFPI over a specified 36-month period, and a related Registration Rights Agreement.
These agreements are subject to certain terms and conditions and are attached to the Current Report on Form 8-K filed by Silver Crest with the United States Securities and Exchange Commission (the “SEC”) on March 11, 2022.
Peter Yu, Chairman of Tims China, commented, “This facility, combined with the PIPE commitments and the convertible financing closed in December, is expected to provide more than sufficient capital to fully fund our 5-year business plan. We thank Cantor Fitzgerald for their support of Tims China on its path to becoming the premier coffee and bake shop in China.”
Overview of the Transactions Contemplated by the Merger Agreement
THIL and Silver Crest Acquisition Corporation (“Silver Crest”), a publicly traded special purpose acquisition company, have signed a definitive agreement related to a proposed business combination that would result in THIL becoming a public company.
As a result of the business combination, THIL will continue as the parent/public company and will retain the name “TH International Limited”. THIL intends to apply for listing of its ordinary shares on the NASDAQ Stock Market under the proposed symbol “THCH” to be effective at the consummation of the business combination.