SPAC Arogo Capital to merge with virtual reality developer EON Reality

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SPAC Arogo Capital Acquisition Corp. (AOGO) plans to merge with virtual reality experience developer EON Reality in a deal that pegs the combined company’s pro forma enterprise value at $655M.

Under the deal, Eon will get $101M in cash, assuming no redemptions. The merger is expected to close by the second half of 2022, pending Arogo shareholder approval.

The combined company’s shares are expected to trade on Nasdaq under the symbol EOXR.

EON Reality has created an SaaS-based platform called EON-XR that allows developers to create virtual and augmented reality experiences for education and industry. The platform can be used for a variety of devices including hand-held mobile units, head-mounted displays and large-scale screens.

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