TETE SPAC to acquire Super Apps Holdings for $1.1B; earn-out based on quarterly revenue targets

Technology & Telecommunication Acquisition Corp

Merger consideration of $1.1B: $235M paid at closing, $865M subject to earn-out over four quarters.
Earn-out revenue target $87M per quarter; Contingent Shares formula based on achieved revenue.
Post-closing board: five directors (two sponsor, three Super Apps designees); Loo See Yuen to be CEO.
Conditions include $5M minimum transaction financing and Nasdaq listing approval; target Outside Date July 20, 2023.
Six-month lock-up for Super Apps executives and certain shareholders; indemnification escrow of 10% of consideration.

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