What does this mean for the company?
Hong Kong-based diagnostics and genetic testing company Prenetics and Artisan Acquisition, a special purpose acquisitions company (SPAC), have announced the approval of their business combination.
The merger is expected to be completed on May 18, which will allow the combined company to start trading on Nasdaq under the ticker symbol “PRE”.
Co-founded by Gen.T honouree Danny Yeung in 2014, Prenetics first announced its plan to go public through a merger with the Adrian Cheng-led Artisan Acquisition to Tatler in July 2021. In its latest press release, the merger is expected to generate at least US$260 million to support Prenetics’ growth.
Read more: Danny Yeung's Prenetics Plans US$1.3 Billion SPAC Merger
Known for its Covid-19 testing services, Prenetics reported that it has made a record revenue of US$92 million in the first quarter of 2022. This is up 60 percent from the same period last year, as demand for testing grew due to a resurgence of the virus.
It will also launch a series of new products in the first half of 2022, including a non-invasive colorectal cancer screening test and an at-home blood test.
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