Big Tree Cloud Enters into Definitive Merger Agreement with Plutonian Acquisition Corp. (Nasdaq: PLTN)
Big Tree Cloud International Group Limited (“Big Tree Cloud”) and Plutonian Acquisition Corp. (“Plutonian”) have announced their merger agreement, which will result in the formation of Big Tree Cloud Holdings Limited. The new entity will be traded on the Nasdaq Stock Market, reflecting an initial equity value of approximately $500 million.
Big Tree Cloud, founded in 2020, is a consumer-oriented company focused on the development, production, and sales of personal care products and consumer goods in China. With a mission to improve the lives of health-conscious consumers, the company has gained recognition for its high-quality personal care items, particularly in the feminine hygiene products segment.
The company’s consumer-to-manufacturer model integrates online and offline operations, creating an omni-channel sales approach. Big Tree Cloud actively engages with its community, gathering valuable feedback and product suggestions that shape its development strategies. This interaction with consumers allows the company to deliver premium products tailored to their personal care needs.
Big Tree Cloud’s product portfolio places a strong emphasis on feminine hygiene products, including sterilized feminine pads and menstrual pants. The company has positioned itself as a pioneer in meeting the demands of health-conscious consumers in China, offering innovative sterilization technology, advanced absorbent core structures, and anti-leakage designs to enhance consumer satisfaction.
The merger with Plutonian Acquisition Corp. is seen as a significant milestone for Big Tree Cloud. The company’s founder and chairman, Mr. Wenquan Zhu, expressed confidence in the strategic move, stating that it will enhance their market presence and establish Big Tree Cloud as a trusted and innovative brand.
Plutonian Acquisition Corp., a publicly traded special purpose acquisition company, is honored to be part of this landmark occasion. CEO Wei Kwang Ng believes that Big Tree Cloud’s growth plans and strategy, combined with the dynamics of the consumer goods industry, will create shareholder value.
The merger values the combined company at an implied pro forma pre-money enterprise value of approximately $500 million. Upon closing, Big Tree Cloud’s current shareholders will retain a majority of the outstanding shares, and the company will designate a majority of the proposed directors for the combined company’s board.
The transaction is expected to be completed in the first half of 2024, subject to approval by the shareholders of Plutonian and Big Tree Cloud, regulatory approvals, and other customary closing conditions.
Big Tree Cloud has engaged legal counsel from Paul Hastings LLP, Commerce & Finance Law Offices, and Maples Group, while Plutonian has enlisted the services of Wilson Sonsini Goodrich & Rosati, P.C. and Global Law Office.
Big Tree Cloud and Plutonian Acquisition Corp. are confident that the merger will create a strong and innovative company in the personal care industry, delivering high-quality products to consumers and driving future growth.