Shares of Tim Hortons China subsidiary (NASDAQ:THCH), TH International Limited, made their US market debut Thursday following the closing of a merger between the company and SPAC Silver Crest Acquisition Corp. (SLCR).
Shares of the combined company, which will retain the name TH International, began trading on Nasdaq on Thursday under the symbol THCH. The stock recently changed hands at $6.54 at approximately 12:45 p.m. ET, down 18% from the stock's pre-merger close of $7.99 on Wednesday.
The merger is expected to give the combined company nearly $200M in additional financing, including approximately $95M from a PIPE financing and up to $100M from a committed equity facility from Cantor Fitzgerald affiliate CF Principal Investments.
The companies confirmed plans to merge in August 2021, with an estimated enterprise value of around $1.69B.
TH International currently operates 460 stores in China, with plans to have 2,750 stores by 2026. Also known as Tims China, the company was a joint venture between Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (QSR), and private equity firm Cartesian Capital. Other investors included Sequoia Capital and Tencent.
Silver Crest shareholders voted in favor of the merger on Aug. 18.