Home ยป Acquisition Proposal Fetches MariaDB, Withdraws Company from Stock Market in $37 Million Deal

Acquisition Proposal Fetches MariaDB, Withdraws Company from Stock Market in $37 Million Deal

MariaDB has disclosed that the company has received a full acquisition offer from the investment firm K1 Investment Management, with plans to purchase all shares at a price of $0.55 per share, totaling approximately $37 million.

The company MariaDB owns the MariaDB trademark, with the MariaDB project being an open-source initiative available for free under the MariaDB Foundation. The company’s business comes from selling various features to corporate clients.

MariaDB entered the stock market in 2022 through a SPAC method with an estimated business value of $445 million. However, the stock price has consistently decreased, leading to a business value of less than $50 million, falling below the threshold for trading on the New York Stock Exchange. This ultimately prompted the acquisition offer for the company.

MariaDB stated that the company is consulting with various parties to consider the aforementioned offer, with K1 Investment Management having until March 29, 2024, to adjust their proposal.

Source: MariaDB via TechCrunch

TLDR: MariaDB receives an acquisition offer from K1 Investment Management to purchase all shares at $0.55 per share, valued at approximately $37 million. The company is exploring the offer and consulting with stakeholders, with a deadline for adjustments set for March 29, 2024.

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