Metal Sky Star Acquisition enters non-binding LOI to acquire Okidoki

Metal Sky Star Acquisition has entered into a non-binding letter of intent for a business combination with Okidoki. Founded in 2007, Okidoki has become one of Estonia’s largest and most popular general classifieds platform. Serving as a trusted marketplace for both individuals and businesses, the platform boasts over 800,000 registered users, including more than 2,000 business accounts. As a vital marketplace for the Estonian community, Okidoki is poised for expansion into new countries. Under the terms of the LOI, the Company and Okidoki would become a combined entity. Okidoki’s existing equity holders would roll 100% of their equity into the combined public company, based on a total equity value of $120 million for Okidoki. The Company expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected in the fourth quarter of 2024. There are no guarantees that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equity holder approval of both companies, regulatory approvals and other customary conditions.