Sam Wood's fitness app just gave its single red rose to myDNA for US$50 million, soz Snez

Fitness and DNA data make for a perfect match, apparently.

What's the key learning?

A reverse merger is a shortcut used instead of a traditional IPO.
A private company acquires control of a public shell company, making the private company public.

👉 Background: Sam Wood is famous for being the heartthrob of the 2015 Bachie season. Not only did he find love with Snezana, he also went on to start his popular fitness app, 28 by Sam Wood.

👉 What happened: Since its inception, the app has had more than 400K participants. Now, it's been acquired by Melbourne-based genomics company myDNA for a cool US$50 mil (AU$72 mil)!

👉 What else: The plan is to use myDNA's genetic info to make tailored fitness programs, and help myDNA gear up to list in the US via a reverse merger.

🔔 What's the key learning?

💡 A reverse merger is when a private company acquires control of a public shell company... making the private company public.

💡 The shell company is generally registered prior to the deal and the private company then buys a majority stake in it. This method is generally less time consuming (and a lot cheaper) than a traditional IPO.

💡 For 28 by Sam Wood and myDNA, they're looking to appeal to new investors by combining fitness and genetic info. Who knows, it could be just what US investors are looking for in the future of healthcare 🤷.

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Sam Wood's fitness app just gave its single red rose to myDNA for US$50 million, soz Snez

What's the key learning?

🔔 What's the key learning?

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