ASX tech small cap snapped up by US SPAC at 15x premium

Small cap anti-counterfeit technology company Security Matters is poised to delist from the ASX and merge with a SPAC (special purpose acquisition company) on the Nasdaq in a deal that will increase its value by more than 15 times.

The pre-revenue company has been in negotiations with Nasdaq-listed Lionheart III for months, and, combined, the companies will have a pro forma equity value of $US360 million ($517 million).