DoubleDragon Corp. said its hotel unit Hotel101 will be listed on the Nasdaq stock exchange this month.
It will be the first Filipino-owned company to be publicly traded on Nasdaq.
Parent DoubleDragon said the US Securities and Exchange Commission (SEC) has approved the listing of Hotel101 Global Holdings Corp.
Hotel 101 will merge with a special purpose acquisition company, JVSPAC Acquisition Corp., before its listing on Nasdaq.
Shareholders of Acquisition will vote on the proposed merger when it meets on June 24.
The merger will give Hotel101 valuation of $2.3 billion, and will trade on Nasdaq under the ticker symbol HBNB.
“This significant step toward Hotel101’s US listing brings us closer to our vision of becoming the world’s first truly global one-room hotel chain,” Hannah Yulo-Luccini, Hotel101 CEOand DoubleDragon’s chief finance officer, said.
“As we expand into key markets, including Japan and the US, we are taking a pivotal step through this listing that will help scale our model globally and redefine the global hospitality experience,” she added.
Edgar Sia II, DoubleDragon chairman, said Hotel101’s “one room” hotel chain model will “disrupt the hospitality industry by offering identical, standardized hotel rooms globally.”
“Hotel101 aims to bridge the gap between traditional hotels and fragmented hospitality marketplaces,” he said.
