December 9, 2021

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Packable, a Leading Know-how-Led E-Commerce Market Enablement Platform, Announces Merger With Highland Transcend Companions I Corp.

NEW YORK–(Business enterprise WIRE)–Packable, the holding business for Pharmapacks (or “the Company”), a main technological know-how-led e-commerce marketplace enablement platform, nowadays announced that the Organization has entered into a definitive arrangement to merge with Highland Transcend Companions I Corp. (“Highland Transcend”) (NYSE:HTPA), a exclusive objective acquisition organization shaped to partner with a disruptive company in the commerce, digital media and providers, and enterprise computer software sector. This transaction will assist the Firm as it enters its future phase of progress next its modern partnership with direct investor Carlyle (NASDAQ:CG) in November 2020. On completion of the transaction, Packable is predicted to be shown on NYSE underneath the new ticker image “PKBL.”

Started in 2010 as Pharmapacks, Packable is a primary multi-marketplace e-commerce enablement system offering classification-leading brand names with the connections, knowledge insights, and solutions needed to permit accelerated on the web marketplace revenue. Packable operates in the 3rd-social gathering (“3P”) place throughout 7 on the web marketplaces in North The united states, such as Amazon — exactly where Pharmapacks is the largest 3P vendor in the US by variety of critiques — Walmart, eBay, Focus on, Kroger, and Google Searching, amid some others, and also manages many immediate-to-customer (“DTC”) web sites on behalf of brands.

In excess of the past eleven several years, Pharmapacks has proven alone as a chief in e-commerce purchasing, storing, marketing and advertising, providing and satisfying orders, driving solid purchaser and earnings growth by way of proprietary software package and facts, unparalleled experience and 1st-course consumer support. The Firm is nicely positioned to go on its momentum by deepening relationships with blue-chip organizations by means of organic and inorganic progress, broadening its geographic footprint with new distribution centers, escalating investments in Digitally Native Brand names by way of greater part and minority possession stakes, and strengthening its supplemental verticals which includes: Data Science, Marketing & Media Solutions and “DTC-in-a-box” solutions. To reflect this evolution, the Enterprise will operate less than the new keeping company identify Packable but will proceed to function on marketplaces as Pharmapacks.

“This is an incredibly enjoyable time for our workforce, and we are thrilled to partner with Highland Transcend as we prepare to enter our upcoming chapter as a public business,” mentioned Packable Co-Founder and CEO Andrew Vagenas. “While we’ve develop into a sector leader in our sector, there is considerable runway ahead of us in multiple avenues: from the continued proliferation of on the internet marketplaces and geographic alternatives to our means to make investments in and develop Digitally Native Brands, whilst delivering new info and technology expert services, as very well as internet marketing choices for our manufacturer associates. Specified the breadth of prospect in advance of us, we felt that this was the great time to unveil our new Packable branding, which reflects these new avenues for progress.”

“While we feel that 3rd-occasion marketplaces will add a lot more than 40% of all ecommerce revenues by 2025, brands find by themselves challenged to control the complexity of executing across these platforms. Packable has a major application-driven offering enabling models to increase their companies throughout multiple on the web marketplaces,” claimed Ian Friedman, CEO of Highland Transcend. “Andrew and the complete team have developed an very solid competitive system with around 75 million purchaser transactions to-day, we feel that Packable has just one of the greatest sets of third-social gathering market transaction info, exterior of the marketplaces themselves. This data allows Packable’s aggressive pricing, merchandising, and advertising and marketing choices and will enable the company to launch a Computer software-as-a-Services offerings in the future. We’re fired up to aid the Packable staff as they attain new heights, bringing expanded and improved product choices to customers.”

Going ahead, Packable will continue to provide as a launchpad for youthful manufacturers throughout its new verticals. The Firm has constantly supported gifted business owners and founders from differing cultural and geographical backgrounds and is excited to accelerate this function as a public company placing entrepreneurs up for results and expanding brand names, producing new employment prospects throughout industries.

Management Team Update

Packable a short while ago confirmed the enlargement of its earth-course management led by Co-Founder and CEO Andrew Vagenas, to drive its subsequent stage of growth. These new additions to the crew deliver a wide selection of extra professional expertise from a selection of backgrounds, like from massive CPGs, some of which are current buyers.

Comprehensive biographies and working experience for the crew can be located at Packable’s web page, Packable.com. Highlights consist of the addition of:

  • Adam Rodgers, Chief Expansion Officer (Reckitt)
  • Ash Mehra, Main Information Officer (Mondelēz International, P&G)
  • Andreas Schulmeyer, Chief Money Officer (Walmart, L Brand names, Pepsico)
  • Daniel Bennett, Main Advertising Officer (WPP)
  • Leanna Bautista, Main People Officer (Pfizer, Pepsico)
  • Chris Pfeiffer, Chief Functioning Officer (Cardinal Overall health, Pepsico)

Moreover, next consummation of the transaction, Ian Friedman and Dan Nova from Highland Transcend are expected to be a part of Packable’s Board of Directors.

Transaction Overview

The put together business will have a professional forma company value of $1.550 billion, with an implied pro forma equity benefit of $1.909 billion, assuming a $10.00 for each share PIPE price tag and no shareholder redemptions.

As a consequence of the transaction, Packable expects to include approximately $434 million in hard cash on its stability sheet to support the Company’s current market place management and allow possibilities to boost advancement, profitability and geographic and multi-market enlargement assuming no shareholder redemptions. This includes a $180 million considerably oversubscribed PIPE and convertible presenting that was upsized because of to powerful investor desire, anchored by Fidelity Administration & Analysis Corporation Lugard Street Money and Luxor Funds Park West Asset Administration and Morningside.

The combined corporation will have a professional forma ownership of close to 71% current shareholders, 19% SPAC and founder shares and 11% PIPE and convert investors. As component of the transaction, current Packable shareholders will be eligible to get up to 12 million extra earnout shares, primarily based on Packable’s long term inventory effectiveness.

The transaction, which has been authorized by the boards of directors of both Packable and Highland Transcend, is expected to near in quite a few months, subject to shareholder approvals, and other customary closing problems.

Advisors

J.P. Morgan Securities LLC is serving as exclusive financial advisor to Packable, with Cooley LLP acting as lawful advisor to Packable.

Goldman Sachs & Co. LLC is serving as exceptional fiscal advisor to Highland Transcend. Davis Polk & Wardwell LLP is serving as lawful advisor to Highland Transcend.

J.P. Morgan Securities LLC and BofA Securities are serving as joint personal placement agents to Highland Transcend and Packable for the PIPE providing and pre-IPO convertible expense and Goldman Sachs & Co. LLC is also serving as joint placement agent to Highland Transcend for the PIPE supplying.

More information, like an trader presentation, is obtainable at the trader area of Packable’s internet site at Packable.com. More information and facts about the proposed transaction, together with a copy of the merger settlement and trader presentation, will be presented in a Latest Report on Type 8-K that will have an investor presentation to be filed by Highland Transcend with the Securities and Trade Commission and offered at www.sec.gov. In addition, remember to see “Additional Data About the Proposed Business enterprise Mixture and In which to Uncover It” below.

About Packable

Packable is a major e-commerce firm with a proprietary technologies platform that empowers brands with a comprehensive and cost-effective logistics, fulfilment, facts science, electronic promoting and sales answer. Started in 2010, Pharmapacks has a premier crew of e-commerce experts and about 1000 staff connecting buyers to their favorite manufacturers on online marketplaces these kinds of as Amazon, Walmart, Google, eBay, Focus on, Kroger and Facebook, starting to be one of the greatest market sellers in North The usa. Pharmapacks serves as a “launch pad” for rising manufacturers by supplying a select total of lesser-recognised brand names obtain to the Pharmapacks’ e-commerce platform and client foundation. This permits brands to emphasis on product exploration and development, although Pharmapacks focuses on building a link in between the shopper and the brand name.

About Highland Transcend Companions I Corp.

Highland Transcend Partners I Corp. is a distinctive objective acquisition organization that was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share acquire, reorganization or equivalent organization mixture with just one or a lot more enterprises. Highland Transcend intends to go after a goal in the disruptive commerce, electronic media and expert services, and business software sectors, with a primary concentrate on North American and European marketplaces. Highland Transcend’s founders include things like Ian Friedman (Main Govt Officer and Director), Bob Davis (Government Chairman), Paul Maeder (Main Money Officer) and Dan Nova (Chief Financial commitment Officer).

Forward-On the lookout Statements

The information and facts in this push release incorporates “forward-on the lookout statements” in the meaning of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Ahead-wanting statements could be determined by the use of terms this kind of as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other equivalent expressions that predict or suggest long term activities or traits or that are not statements of historic issues. These forward-hunting statements involve, but are not restricted to, statements regarding estimates and forecasts of economic and effectiveness metrics, projections of current market prospect and industry share, expectations and timing associated to industrial products launches, potential positive aspects of the transaction and expectations related to the terms and timing of the transaction. These statements are based mostly on various assumptions, whether or not identified in this push release, and on the existing anticipations of Packable’s and Highland Transcend’s management and are not predictions of actual general performance. These ahead-on the lookout statements are presented for illustrative reasons only and are not supposed to serve as, and have to not be relied on by any trader as, a assurance, an assurance, a prediction or a definitive statement of fact or likelihood. Genuine gatherings and situations are tricky or not possible to forecast and will vary from assumptions. Many true gatherings and instances are past the regulate of Packable and Highland Transcend. These ahead-searching statements are subject matter to a variety of hazards and uncertainties, which includes variations in domestic and international organization, market, money, political and legal ailments the inability of the events to effectively or well timed consummate the proposed organization combination, including the chance that any expected regulatory approvals are not acquired, are delayed or are subject to unanticipated ailments that could adversely affect the blended corporation or the expected advantages of the proposed small business mix or that the approval of the shareholders of Packable or Highland Transcend is not received failure to comprehend the anticipated positive aspects of the proposed business blend threats relating to the uncertainty of the projected financial facts with regard to Packable future international, regional or regional economic and sector situations the growth, effects and enforcement of guidelines and rules Packable’s ability to handle foreseeable future development the results of competition on Packable’s upcoming small business the quantity of redemption requests manufactured by Highland Transcend’s public shareholders the ability of Highland Transcend or the merged business to issue equity or equity-connected securities in relationship with the proposed business combination or in the potential the consequence of any prospective litigation, authorities and regulatory proceedings, investigations and inquiries and those people factors reviewed in Highland Transcend’s last prospectus that types a element of Highland Transcend’s Registration Statement on Form S-1 (Reg No. 333-250125), submitted with the SEC pursuant to Rule 424(b)(4) on December 4, 2020 (the “Prospectus”) and its Yearly Report on Kind 10-K for the fiscal yr finished December 31, 2020 under the heading “Risk Factors,” and other files of Highland Transcend filed, or to be filed, with the Securities and Exchange Commission (“SEC”). If any of these dangers materialize or our assumptions prove incorrect, true effects could vary materially from the results implied by these forward-seeking statements. There may be added risks that neither Highland Transcend nor Packable presently know or that Highland Transcend nor Packable at the moment believe that are immaterial that could also result in actual final results to vary from these contained in the forward-hunting statements. In addition, forward-seeking statements reflect Highland Transcend’s or Packable’s expectations, strategies or forecasts of foreseeable future situations and views as of the day of this press release. Highland Transcend and Packable anticipate that subsequent occasions and developments will cause Highland Transcend’s or Packable’s assessments to adjust. Having said that, although Highland Transcend and Packable may elect to update these ahead-wanting statements at some issue in the potential, Highland Transcend and Packable specifically disclaim any obligation to do so. These ahead-searching statements ought to not be relied on as representing Highland Transcend’s or Packable’s assessments as of any date subsequent to the day of this push launch. Appropriately, undue reliance must not be positioned on the ahead-searching statements.

Further Data About the Proposed Company Mixture and Where To Uncover It

The proposed small business blend will be submitted to shareholders of Highland Transcend for their consideration. Highland Transcend intends to file a registration statement on Sort S-4 (the “Registration Statement”) with the SEC which will include preliminary and definitive proxy statements to be dispersed to Highland Transcend’s shareholders in link with Highland Transcend’s solicitation for proxies for the vote by Highland Transcend’s shareholders in link with the proposed business combination and other issues as described in the Registration Statement, as properly as the prospectus relating to the provide of the securities to be issued to Packable’s shareholders in link with the completion of the proposed organization mixture. Right after the Registration Statement has been submitted and declared efficient, Highland Transcend will mail a definitive proxy statement and other related documents to its shareholders as of the document date founded for voting on the proposed organization blend. Highland Transcend ‘s shareholders and other interested folks are recommended to browse, the moment obtainable, the preliminary proxy assertion / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in relationship with Highland Transcend’s solicitation of proxies for its specific conference of shareholders to be held to approve, amongst other things, the proposed small business mixture, for the reason that these paperwork will contain critical data about Highland Transcend, Packable and the proposed enterprise combination. Shareholders may possibly also obtain a copy of the definitive proxy assertion, once readily available, as perfectly as other documents filed with the SEC concerning the proposed business enterprise blend and other files submitted with the SEC by Highland Transcend, without the need of charge, at the SEC’s website positioned at www.sec.gov or by directing a ask for to 660 Madison Ave Suite 1600, New York, NY 10065.

Investment decision IN ANY SECURITIES Explained HEREIN HAS NOT BEEN Accepted OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY Passed On OR ENDORSED THE Deserves OF THE Offering OR THE Precision OR ADEQUACY OF THE Information CONTAINED HEREIN. ANY Representation TO THE Opposite IS A Legal OFFENSE.

Contributors in the Solicitation

Highland Transcend, Packable and particular of their respective directors, govt officers and other members of administration and staff members may perhaps, under SEC procedures, be deemed to be participants in the solicitations of proxies from Highland Transcend’s shareholders in link with the proposed business enterprise combination. Data pertaining to the folks who may perhaps, less than SEC guidelines, be deemed individuals in the solicitation of Highland Transcend’s shareholders in relationship with the proposed business mixture will be set forth in Highland Transcend’s proxy statement / prospectus when it is filed with the SEC. Further data regarding the individuals in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement / prospectus when they become available. Shareholders, likely traders and other interested individuals must study the proxy assertion / prospectus carefully when it results in being out there ahead of generating any voting or financial investment selections. You may perhaps attain free copies of these documents from the resources indicated above.

No Supply or Solicitation

This release relates to the prospective funding of a portion of the Proposed Business enterprise Mixture by way of a non-public placement of typical inventory of Highland Transcend to be issued in connection with the Proposed Business enterprise Mixture. This release shall not constitute a “solicitation” as outlined in Section 14 of the Securities Exchange Act of 1934, as amended.

This launch does not constitute an offer you, or a solicitation of an offer, to invest in or market any securities, expense or other certain item, or a solicitation of any vote or approval, nor shall there be any sale of securities, financial commitment or other certain item in any jurisdiction in which these provide, solicitation or sale would be illegal prior to registration or qualification underneath the securities legislation of any these kinds of jurisdiction. Any giving of securities will not be registered below the Securities Act of 1933, as amended (the “Securities Act”), and will be made available as a personal placement to a limited amount of both (a) “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) or (b) institutional “accredited investors” as defined in Rule 501(a)(1), (2), (3) or (7)below the Act. Appropriately, the Securities should proceed to be held unless of course a subsequent disposition is exempt from the registration necessities of the Securities Act. Traders should really seek the advice of with their counsel as to the applicable needs for a purchaser to avail itself of any exemption less than the Securities Act. The transfer of the Securities could also be issue to situations established forth in an settlement below which they are to be issued. Investors must be informed that they may be required to bear the last possibility of their financial investment for an indefinite period of time of time. Neither the Company nor Highland Transcend is generating an offer of the Securities in any state wherever the offer is not permitted.