Aura FAT Projects Acquisition Corp (“AFAR”) (Nasdaq: AFAR, AFARW), a special purpose acquisition company, today announced the signing of a definitive Business Combination Agreement with Allrites Holdings Pte. Ltd., a Singapore private company limited by shares (“Allrites” or the “Company”) that will result in Allrites becoming a wholly-owned subsidiary of AFAR and is expected to be listed on the Nasdaq Global Market under the ticker symbol “ART.”
Allrites is a global B2B content marketplace and the owner of cutting-edge proprietary Content as a Service (“CaaS”) technology for film & TV content rights for buyers of film & TV content including established and emerging broadcasters and streaming platforms and sellers such as major studios, independent producers and production companies around the world. Upon the closing of the transaction, Allrites will continue to be led by its Founder and CEO, Mr Riaz Mehta, an experienced senior corporate executive in Singapore.
Allrites uses their cutting-edge technology to scale the distribution of content by removing the friction introduced through manual processes and also by introducing an innovative content licensing model that addresses the core pain points of buyers and sellers in the eco-system. According to a PwC report, the global entertainment and media (“E&M”) industry’s revenues will approach US$3 trillion in revenues by 2026 and is expected to expand at a CAGR of 6.34% from 2022-2027, reaching US$3.34 trillion by 2027 according to the Global Entertainment and Media Market 2023 report.
Riaz Mehta, Founder and Chief Executive Officer, Allrites remarked, "As a first mover in the democratization of content, we have developed a platform that solves the numerous pain points of video content sourcing & curation, licensing and digital rights management. We operate in a large and growing trillion-dollar market and are targeting $100m in subscription revenue in the near term. This announcement of Allrites’ business combination with AFAR represents the next major milestone in our journey to have the needed resources and talent to build and expand our footprint and next-generation technology. AFAR will help us to fulfil that ambition."
"Allrites is a global pioneer with its proprietary Content as a Service technology platform. We are proud to merge with a homegrown company in Singapore that, already, is high growth, profitable with high gross margins, and a sticky recurring revenue model. The Nasdaq is the right home for Allrites with more than half of its clients based in the USA. Access to public markets will accelerate Allrites' ability to drive growth and innovation in an industry ripe for disruption" said Tristan Lo, Chairman of Aura Fat Projects Acquisition Corp.
About Aura Fat Projects Acquisition Corp. (“AFAR”)
AFAR is a blank check company listed on the Nasdaq formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While AFAR may pursue an initial business combination target in any business or industry, it intends to focus on new emerging technology company targets in Southeast Asia and Australia. In April 2022, AFAR consummated a $115 million initial public offering of 11.5 million units (reflecting the underwriters’ full exercise of their over-allotment option), with each unit consisting of one Class A ordinary share and one redeemable warrant. Each warrant entitles its holder to purchase one Class A ordinary share at a price of $11.50 per share. EF Hutton, division of Benchmark Investments LLC, served as the sole book-running manager of AFAR’s initial public offering.
