- SigmaTron International (NASDAQ: SGMA) +28% and Wagz, a privately held Pet Technology company, have proposed a business combination as per which the former would issue ~2.27M new shares thereby leading to one-third ownership by the latter in the combined company.
- Deal likely to close by end of August 2020 subject to SigmaTron raising additional capital of $7.5M required for expanded operations.
- Incremental revenue from in-app purchases of Wagz Smart Collar and data analytics will be of significant addition to SGMA core business.
- Business Insider data reveals that global pet care market is likely to grow to $281B by 2023 with fastest growing segment Pet Tech to reach $24B by 2024.
- Press Release