Software Acquisition Group III (SWAG) Divulges Redemptions in Nogin Vote

Software Acquisition Group III (NASDAQ:SWAG) announced in an 8-K filing this morning that about 82.7% of its shares were redeemed in connection with its vote to complete its combination with software firm Nogin earlier today.

This marks August’s best redemption result and also the best since Duddell Street saw 65.2% of its shares redeemed in its vote to complete its combination with Fiscal Note (NYSE:NOTE) on July 27. Software III last week announced it had signed a standby purchase agreement with a financial institution by which this party would buy up to 6 million shares and it is so far unclear if any of those purchases have been made thus far.

Nogin is expected to trade on the Nasdaq under the symbol “NOGN” following the deal’s close.

The parties initially announced the $646 million combination on February 14. Tustin, California-based Nogin delivers provides software tools to ecommerce brands to help manage their marketing, shipping and payments.

It projects to generate about $6.3 million in adj. EBITDA from $49.6 million in revenue in 2022E and was valued in its deal at 6x 2022E revenue.