Blueport Acquisition Ltd, a special purpose acquisition company, and SingAuto Inc, a leader in green cold-chain logistics technology, have announced a definitive business combination agreement. This merger will result in a newly formed holding company listed on The Nasdaq Stock Market. The transaction, subject to regulatory and shareholder approvals, is expected to close by the end of 2026.
SingAuto, headquartered in Singapore, specialises in designing and manufacturing smart commercial electric vehicles (CEVs) for cold-chain logistics. Their flagship product, the S1, is a new energy refrigerated vehicle that enhances delivery efficiency for various goods, including pharmaceuticals. SingAuto’s innovative approach combines technology and artificial intelligence to revolutionise the logistics industry.
The merger will see Blueport merge with NeoCryo Inc, a wholly-owned subsidiary, followed by NeoCryo’s merger with SingAuto. Upon completion, SingAuto shareholders will receive approximately 120 million ordinary shares of the new public company, valued at $12b.
Yuqiang Liu, CEO of SingAuto, expressed enthusiasm for the merger, stating it will “strengthen our market presence and allow us to accelerate our business plan and growth.” William Rosenstadt, CEO of Blueport, highlighted SingAuto’s unique position in the market, noting its potential benefits as a public company.
The merger has been unanimously approved by both companies’ boards and awaits further regulatory review. Upon completion, Liu is expected to continue leading the newly formed public company.
