ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider Hotel101 gets more time for $2.3-billion NASDAQ merger, deadline now July 23

Hotel101 gets more time for $2.3-billion NASDAQ merger, deadline now July 23

Published May 8, 2025 04:12 pm

Hotel101 Global Pte. Ltd., the hospitality unit of tycoons Tony Tan Caktiong and Edgar Sia II’s DoubleDragon Corporation, has bought more time to push through with its merger with the company’s NASDAQ listing vehicle.

The firm now has until July 23, 2025, to complete its merger with JVSPAC Acquisition Corporation, which will result in its $2.3 billion listing on the NASDAQ.

In a regulatory filing, JVSPAC said it has “used the funds received from Hotel101 Global and deposited into the Company’s trust account $575,000 (representing $0.10 per Class A ordinary share) to extend the Combination Period from April 23, 2025, to July 23, 2025.”

It also disclosed that As previously disclosed, under First Amendment to Agreement and Plan of Merger between JVSPAC, Hotel101, and other parties, Hotel101 deposited into JVSPAC’s working capital account $2 million on Jan. 8, 2025 to extend the existence of the JVSPAC for up to January 23, 2026 and to cover certain expenses of the Company.

As of the last update from DoubleDragon, Hotel101’s NASDAQ listing is targeted for the first half of 2025, although no recent disclosure has been made. So far, the merger deadline has been extended twice.

Last January, JVSPAC said, “We received $2,000,000 from Hotel101 Global. Using the funds received from Hotel 101 Global, we deposited $575,000 into the Trust Account on January 13, 2025, extending the time available to consummate a Business Combination for an additional three (3) months, from Jan. 23, 2025 to April 23, 2025.”

It added, “The Company can extend for an additional three months with an additional deposit into the Trust Account in the amount of $575,000 ($0.10 per share) on or before April 23, 2025.”

However, it noted that, “There is no assurance that the Company will complete its initial Business Combination.”

A stock analyst pointed out that “After this (extension until July 23, 2025), there doesn't seem to be another provision for further extensions...

“The make or break deadline, therefore, will likely be July 23 since P33 million is a relatively small amount.”

DoubleDragon said a year ago that the merger was expected to close in the second half of 2024. The company did not respond to an email requesting an update on this planned transaction.

Last February, DoubleDragon announced that Hotel101-Global, has officially filed and submitted its F-4 Registration Statement which marks a significant step forward as it moves closer towards its upcoming $2.3 billion (P130 billion) U.S. NASDAQ listing.

The firm said this follows months of rigorous preparation and compliance with the U.S. Securities and Exchange Commission (SEC) and NASDAQ’s registration and listing requirements.

With this milestone, DoubleDragon said it is on track to make history as the first-ever Filipino company to have a subsidiary, Hotel101-Global, listed and traded on the U.S. NASDAQ stock exchange under the ticker symbol HBNB.

DoubleDragon said in April 2024 that Hotel101 and its affiliates entered a binding definitive merger agreement with JVSPAC.

Upon completing the business combination transaction, the entity is expected to be publicly listed on the US NASDAQ.

Hotel101 is a hotel prop-tech operator pioneering a globally standardized, asset-light “condotel” business model.

Related Tags

DoubleDragon Corporation Tony Tan Caktiong Edgar Sia II Hotel101 Global Pte. Ltd. JVSPAC Acquisition Corporation
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.