Lucosky Brookman Successfully Represents Unique Logistics International, Inc. in Definitive Agreement and Plan of Merger with Edify Acquisition Corp.
Lucosky Brookman LLP congratulates its client Unique Logistics International, Inc. (NASDAQ: UNQL), a global logistics and freight forwarding company, on entering into a definitive agreement and plan of merger with Edify Acquisition Corp (NASDAQ: EAC) (“Edify”), a special purpose acquisition company, for a proposed business combination of the two companies. Under the Merger Agreement, subject to satisfaction of the closing conditions contained therein, Unique will merge with a subsidiary of Edify, and thereby become a wholly-owned subsidiary of Edify. Upon completion of the merger, class A common stock of the combined company will be listed on the Nasdaq Capital Market.
In conjunction with entering into the Merger Agreement, the Company entered into a commitment letter relating to the provision to the Company of a senior secured financing facility in the maximum aggregate principal amount of $35,000,000, which the Company intends to use to fund its previously announced pending acquisitions of eight subsidiaries and affiliates of Unique Logistics Holdings Limited, a Hong Kong corporation, pursuant to previously executed stock purchase agreements.
Sunandan Ray, CEO of Unique, said: "We are pleased to enter into this agreement with Edify, which we are confident will position Unique to quickly complete our planned acquisitions in Hong Kong, China, India, Vietnam, and the United Kingdom.
"We also expect the merger to provide us with additional capital to advance freight forwarding and contract logistics expansion efforts in strategic markets in the United States, helping Unique achieve our goal of rapidly capturing market share across all critical logistics hubs in the country. Combined with our capital efficient model, the transaction has the potential to put Unique's operating platform on the fast track to rollout across most of those critical hubs."
Lucosky Brookman acted as corporate and securities counsel to Unique Logistics.