Evergreen Corporation *
PROPOSED BUSINESS COMBINATION: Forekast Group
ENTERPRISE VALUE: $105 million
ANTICIPATED SYMBOL: tbd
Evergreen Corporation proposes to combine with Forekast Group.
Forekast specializes in augmented intelligence, offering AI-driven insights that enhance business operations, customer experiences, and workforce capabilities. With a focus on technology-managed services, Forekast helps businesses navigate the complexities of modern markets while maintaining flexibility and operational efficiency.
EXTENSION – 2/3/25 – LINK
- The SPAC approved the extension from February 11, 2025 to August 11, 2025.
- 2,456,657 shares were redeemed.
- $0.05/share per month will be deposited into the trust account.
TRANSACTION
- The transaction values Forekast at an enterprise value of $105 million.
- Completion of the proposed Business Combination is expected to be in the year end of 2024.
SPAC FUNDING
- There is no additional funding at this time.
LOCK-UP
- Company and Sponsor
- Six months from the Closing or if the share price equals or exceeds $12.00 for 20/30 trading days
NOTABLE CONDITIONS TO CLOSING
- There is no minimum cash closing condition.
NOTABLE CONDITIONS TO TERMINATION
- By either party is the merger is not complete by February 28, 2025 (the “Outside Date”)
ADVISORS
- Company
- None mentioned.
- SPAC
- EF Hutton LLC is serving as capital markets advisor.
- Loeb & Loeb LLP is serving as legal counsel.
EXTENSION – 5/15/24 – LINK
- The SPAC approved the extension from May 11, 2024 to February 11, 2025.
- 2,831,713 shares were redeemed.
- $80K per month will be deposited into the trust account.
EXTENSION – 7/25/23 – LINK
- The SPAC approved the extension from August 11, 2023 to August 11, 2024.
- 4,004,330 shares were redeemed.
- $160K per month will be deposited into the trust account.
MANAGEMENT & BOARD
Executive Officers
Liew Choon Lian, 61
Chairman of the Board and Chief Executive Officer
Since 2000, Mr. Liew has been the Chief Executive Officer of the MDT Group of Companies, which he founded in August 2000. Mr. Liew has led MDT Innovations (MDTi) to an indicative valuation of over MYR268 million (approximately US$63 Million) according to a valuation report prepared by a multinational bank, commissioned by, and for the internal purposes of, MDTi. Under his leadership, in 2011, MDTi was ranked 12th, the highest-ranking to achieved by an ASEAN company at the time, in Deloitte’s Fast 500 Asia Pacific, which is a technology awards program of Asia Pacific’s fastest-growing technology companies. Between 2006 and 2013, the company won 13 Asia Pacific ICT awards, including two Prime Minister’s Best of the Best awards in 2007 and 2013, Red Herring Asia 100 Award in 2008, and Red Herring Global 100 Award in 2009. In 2015, Mr. Liew was awarded the EY Entrepreneur of the Year in Technology Category. In 2016, MDT was chosen by IoT Business Platform Asia to be among the top 5 vendors behind Microsoft, IBM, Google MDT, and Cisco. In 2014, 2015, 2016, 2017 and 2018, MDT was chosen the Best Brand Asia and Best Employer Awards. Mr. Liew is the Director of Track & Trace Inc, who provide the local service and support in IoT solutions to clients in Taiwan and Hong Kong. From 1993 to 1999, Mr. Liew served as General Manager of Worldwide Operation at Matsushita Electric Co; Ltd, which is now known as Panasonic Corporation. Prior to his tenure at Matsushita Electric Co; Ltd, from 1989 to 1993, Mr. Lewis was an analyst and strategic consultant at Fuji-Keizai USA where he served such corporations as NTT, Panasonic, and NEC in New York, San Jose and Tokyo. Since 2010, Mr. Liew has served as member of the Local Advisory Panel to MOSTI and MDEC, providing input on enhancing Malaysia’s national ICT competitiveness. Mr. Liew graduated with honors from Malaysia’s prestigious Royal Military College in 1980 and obtain a Bachelor’s Degree of Computer Science from University of Dubugue in 1981-1984 and a Master’s Degree of Computer Science from Monmouth University in 1986-1988.
Izmet Iskandar Bin Mohd Ramli, 43
Chief Financial Officer and Director
Mr. Iskandar has been a director of Fine Today Malaysia and Ntech Capital Management since July 2021, advising the companies on operational setup, business development, fundraising and mergers & acquisitions. Since November 2019, Mr. Iskandar has been a Partner of YCP Solidiance, the global consulting arm of YCP Holdings (Global), which recently listed on the Tokyo Stock Exchange in December 2021, as a key member of the mergers & acquisitions origination team facilitating deals with strategic and financial investors mainly from Japan and Southeast Asia. Mr. Iskandar has also been serving as a director of cfSolutions which is a corporate finance advisory firm licensed by the Securities Commission of Malaysia, since March 2007, advising the company on projects including company valuations, debt financing, equity fundraising, and initial public offering (IPO) listings. Mr. Iskandar has been a director of Flagship Strategies since December 2014 and was active from December 2016 to November 2019 advising clients on debt financing, equity funding, government grants, business development and mergers & acquisitions. Mr. Iskandar served as a director of Metropolitan Corridor from September 2014 to December 2016, which is a scholar management company, where he advised on operational setup and business development. He gained experience as an associate director of TERAJU, from September 2011 to April 2014, a strategic entrepreneurship unit, as a pioneer member of the team facilitating debt and grant funding for member companies working with banks and company founders. Mr. Iskandar served as the Chief Financial Officer of Firium Solutions Malaysia from April 2008 to August 2011, a software development company, where he managed all financial matters including securing debt financing, banking relationships, and optimization of the core teams’ operational expenses. Mr. Iskandar has served as director of Firium Solutions Malaysia from April 2008 to present. He also served as the director of Corporate Finance and Chief Financial Officer of Persoft Systems from June 2005 to March 2008, where he managed all financial matters including a rated commercial paper private debt program. Mr. Iskandar’s experience in conventional and Islamic financing was enhanced by his tenure at RHB Capital, from August 2004 to January 2005, where he served as a Senior Executive of Group Finance. He started his career as an auditor with Arthur Andersen from November 2000 to July 2002 and Ernst & Young from August 2002 to May 2004, where his focus was on the financial services industry in fund management, insurance, and banking. Mr. Iskandar has been a member of the Corporate Finance Faculty under the Institute of Chartered Accountants in England & Wales (ICAEW) since January 2007 and earned his Bachelor of Science degree in Accounting & Finance from the University of Southampton, United Kingdom, in June 2000.
Board of Directors
Lim Wai Loong (Alan), 45
Independent Director
Since January 2018, Mr. Lim has been a founder and CEO (Executive Director) in P10 Holdings Sdn Bhd. P10 is an advanced TVM (Time Value of Money) Fintech (Financial Technology) and Insuretech (Insurance Technology) Company in Malaysia. Mr.Lim is currently leading a team invested into R&D to innovate smart financial automation for the financial services and businesses in the ASEAN region. Since January 2018, Mr Lim served as a non-executive director of Superlon Holdings Bhd (“Superlon”). Superlon is a global Nitrile Butadiene Rubber (NBR) insulation manufacturer for the heating, ventilation, air conditioning and refrigeration industry. Since June 2008, Mr Lim has been a founder and Principal Consultant of QAS The Talent House (formerly QAS), a financial planning company and was responsible for designing and formulating various advisory methodologies for the financial planning industry in the ASEAN region, such as Singapore and Malaysia. Mr Lim has been involved in delivering more than 200 corporate social responsibility projects since 2008. Mr. Lim obtained his Advanced Diploma in Mechanical and Manufacturing Engineering from Tarc College, Malaysia in 2000 and his Master of Science in Manufacturing Systems Engineering from University of Warwick, UK in 2002.
Dr. Mohamad Zabidi Bin Ahmad, 59
Independent Director
Since November 2021, Dr. Ahmad has served as Non-Executive Chairman of Notes MS Sdn Bhd, a financial technology company. Since October 2021, Dr. Ahmad has served on the board of directors of BIMB Investment, which is a BIMB Investment company, and is a member of the board’s Audit, Risk and Remuneration Committee. Since June 2021, Dr. Ahmad has been an adjunct professor and on the board of studies at Perdana University. Since April 2021, Dr. Ahmad has been a board investment committee member of IAIS Malaysia, a research institute focused on the Concept of Islam and Civilizational Renewal, and makes policy recommendations to the government. Since August 2021, Dr. Ahmad has served as Senior Strategic Advisor & Senior Representative at DDCapital Ltd., a financial technology solution provider. Since January 2021, Dr. Ahmad has served as Non-Executive Chairman of Tenang Solution SB, an investment & IT consulting company, where he oversees the activities of the company’s board of directors. From May 2021 to October 2021, Dr. Ahmad served as a Senior Financial Market Advisor at Green Packet Malaysia, a technology company. From February 2021 to April 2021, Dr. Ahmad served as Group Business & Financial Advisor at WGI SB, a glove manufacturing company. From August 1982 to December 2020, Dr. Ahmad served in roles of increasing responsibility at CIMB Group, a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN, culminating as Senior Managing Director from 2016 to December 2020. Dr. Ahmad’s responsibilities included managing approximately US$27.7 billion of assets under his portfolio as Regional Treasurer. He also served as Chairman of the Investment Committee and as a committee member in the Group Management Committee, the Treasury & Market Committee, and the Group Wholesales Banking Committee during his tenure at CIMB Group. Dr. Ahmad is a Chartered Accountant and member of the Malaysian Institute of Accountants since June 2001. Dr. Ahmad obtained his Doctor of Business Administration from University Utara Malaysia in April 2021 and his Bachelor of Accountancy with Honors from University Technology Mara in October 1996.
Alberto Coronado Santos, 36
Independent Director
Mr. Coronado is currently serving as a traffic acquisition director (head of publishers/affiliates) at Xelder Media BV, where he has served since February 2021. Xelder Media is a performance digital agency specialized on serving sales, lead generation and data to a big range of global advertisers on different categories. From March 2019 to May 2021, Mr. Coronado served as the head of publishers/affiliates at the Spanish affiliate network TORO Advertising, which is part of Exogroup. Prior to joining TORO Advertising, from November 2014 to December 2018, Mr. Coronado served as the General Manager of Global Digital Marketing Group, China, where he was responsible for opening the Chinese office in Shanghai. Mr. Santos obtained his Bachelor of Marketing Management (Hons) from Cardiff Metropolitan University in 2010.
