17LIVE Inc. entered into a proposed business combination agreement to acquire Vertex Technology Acquisition Corporation Ltd. (SGX:VT1) for approximately SGD 890 million on October 2, 2023. Purchase consideration of up to SGD 925.1 million, subject to certain financial targets being achieved by 17LIVE. Pursuant to the SPA, Vertex Technology issuance of up to 160,605,109 new shares, amounting to SGD 803 million and subject to the satisfaction of certain financial targets, the allotment and issuance of up to 24,408,000 new shares, amounting up to SGD 122 million.

VTAC to be renamed 17LIVE Group Limited at completion of the proposed business combination. Proposed business combination will result in the first leading live streaming business being listed on the SGX-ST. The proposed business combination is subject to the approval of the SGX-ST and VTAC's shareholders at the EGM, which is expected to be obtained in end 2023.

The proposed business combination is expected to close before the business combination deadline, i.e. January 20, 2024. DBS Bank Ltd. and UBS AG Singapore Branch acted as Financial Advisers to Vertex Technology Acquisition.