Ovanti eyes Nasdaq listing, $460M valuation for US-based BNPL business Flote

Core Viewpoint - Ovanti Ltd is pursuing a backdoor listing on Nasdaq through a SPAC deal with Miluna Acquisition Corp, which could significantly enhance its market presence and valuation [1][2][3]. Group 1: Company Overview - Ovanti's flagship product, Flote, is a Buy Now Pay Later (BNPL) service aimed at the subprime market in the U.S., targeting consumers who struggle with traditional credit scores [3]. - The proposed SPAC deal values Ovanti at approximately US$300 million (A$460 million) [3]. Group 2: Strategic Moves - The signing of a Letter of Intent (LOI) with Miluna marks a significant milestone for Ovanti, following a global search for a suitable U.S. SPAC partner [4]. - Ovanti's strategy aligns with industry trends, as seen with peers like Zip and Sezzle, who are also pursuing U.S. listings to enhance shareholder value and support growth in the U.S. market [5]. Group 3: Market Context - Miluna Acquisition Corp recently listed on Nasdaq with 6 million units priced at US$10 each, indicating a strong entry into the U.S. market [2]. - The deal is expected to provide Ovanti with access to a more liquid stock market, which is crucial for its growth strategy in the U.S. [2].