Industrial headset maker RealWear to go public via Cascadia Acquisition


Industrial headset maker RealWear will become a publicly traded company following a definitive business combination agreement with Cascadia Acquisition, a publicly-traded special purpose acquisition company (SPAC).

Post-closing, the combined entity with an enterprise value of $375.5 million and $150 million of cash as well as up to $35 million of additional financing, will be called RealWear, Inc. and is expected to list on the Nasdaq.

RealWear anticipates using the net proceeds raised from the proposed deal to support product development and cloud engineering, increase contract manufacturing capabilities, expedite sales channel penetration, and pursue additional industry verticals.

With more than 5,000 end-users, RealWear offers ruggedized wearable assisted reality solutions to frontline workers across industries to increase productivity and improve safety.

The assisted reality solutions of the industrial headset maker allow workers to view, communicate and share documents, photos, diagrams, and video, all while having their hands and field-of-view free for the work.

Industrial headset maker RealWear to go public through SPAC deal

Industrial headset maker RealWear to go public through SPAC deal. Photo courtesy of RealWear, Inc.

Its platform is said to frontline professionals through a human-centric technology solution made up of voice-driven and hands-free wearable cameras, computers, and accessories, along with cloud and data service offerings

RealWear’s SaaS-based cloud platform provides real-time technical support and advanced data analytics to help IT and operations heads optimize updates and fast-track scaled deployments.

Andrew Chrostowski — RealWear Chairman and CEO said: “This combination with CCAI [Cascadia] will accelerate our ability to deliver new assisted reality products, services, and solutions at scale that transform the way people work today, tomorrow and into our sustainable future.”

Perkins Coie and Latham & Watkins are acting as legal advisors to Cascadia and RealWear, respectively.

The transaction led by Seattle investment bank Cascadia Capital is expected to be completed in the latter half of this year, subject to customary closing conditions.

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