Otonomo, Urgently Agree To Merge Via All-Stock Transaction

Otonomo Technologies Ltd OTMO, a platform powering the mobility economy, and Urgent.ly, Inc, a digital roadside and mobility assistance technology provider, agreed to merge in an all-stock transaction.
Urgently expects to list the shares under the ticker symbol "ULY."
Urgently and Otonomo equity holders will own approximately 67% and 33% of the combined company.
Urgently's 2022 revenue is estimated at more than $185 million, up 25% year-on-year.
Post-closing, Otonomo will be a wholly-owned subsidiary of Urgently.
Matt Booth will be the CEO, and Tim Huffmyer will be the CFO of the combined company.
Ben Volkow will join the Board of the combined company.
The transaction will create meaningful cross-selling revenue opportunities and cost savings.
The transaction will likely close in the third quarter of 2023.
Price Action: OTMO shares traded higher by 0.50% at $0.5025 on the last check Friday.