Dog walking platform Wag Labs to go public by merging with CHW Acquisition in US$350M deal; combined entity to be named Wag! Group Company and trade on Nasdaq under 'PET' after closing of deal in Q2 2022

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February 8, 2022 (press release) –

Wag Labs Inc, the developer of dog-walking app Wag!, said on Thursday it would go public by merging with a blank-check firm in a deal valued at $350 million.

The merger with CHW Acquisition Corp will provide gross cash proceeds of nearly $175 million to the combined company, which will be majority owned by Wag’s shareholders.

Wag And CHW investors have raised new financing at $10 per share from Battery Ventures, ACME Capital, General Catalyst and Tenaya Capital. The merger also includes $30 million in debt financing from Blue Torch Capital.

Founded in 2015, Wag offers a technology platform that provides dog walking, pet sitting, veterinary care and training services in 50 U.S. states. It started accepting Dogecoin cryptocurrency payments through BitPay in June last year.

The company had laid off several employees and bought back a 50% stake from SoftBank's Vision Fund in 2019, a year after the Japanese conglomerate agreed to invest $300 million in the startup, according to reports here.

CHW Acquisition is led by former Kellogg Co executive Paul Norman and co-chief executive officers Jonah Raskas and Mark Grundman. It raised here $125 million in an initial public offering in August.

Special purpose acquisition companies (SPACs) like CHW are listed firms with no business operations but a pool of capital that they use to merge with a private company. The deal then takes the private company public.

The combined entity will be named Wag! Group Co and trade on the Nasdaq under the under the symbol “PET” after the deal closes, which is expected in the second quarter of this year.

Oppenheimer & Co. Inc served as the financial advisor to Wag, while Chardan advised CHW.

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