AllRites Holdings Pte Ltd entered into a reverse merger agreement to acquire Aura FAT Projects Acquisition Corp (NasdaqGM:AFAR) for approximately $120 million on May 7, 2023. As consideration for the Business Combination, subject to the terms and conditions set forth in the Agreement, and contingent upon the Closing, Allrites shareholders collectively shall be entitled to receive from AFAR, in the aggregate, 9,200,000 AFAR Class A Ordinary Shares and 1.8 million shares will be issued as a part of earnout. Allrites will become a wholly owned subsidiary of AFAR and AFAR's Class A Ordinary Shares are expected to be listed on the Nasdaq Global Market as "ALL". The transaction, which has been unanimously approved by the Boards of Directors of Allrites and AFAR, is subject to approval by AFAR shareholders and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close during the second half of 2023.

Rimon P.C. is serving as U.S. legal counsel to Allrites and Bayfront Legal is serving as its Singapore legal counsel. Nelson Mullins Riley & Scarborough LLP is serving as U.S. legal counsel to AFAR and Shooklin & Bok and Harneys Westwood & Riegels are serving as Aura Fat Projects Singapore and Cayman Islands legal counsel, respectively. EF Hutton, division of Benchmark Investments, LLC, is serving as Capital Markets Advisor.