Cleary, McDermott take lead on dog walking app developer Wag’s SPAC merger

Signage is seen outside of the law firm Cleary Gottlieb Steen & Hamilton LLP in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

(Reuters) – Cleary Gottlieb Steen & Hamilton is advising Wag Labs Inc, the developer of dog-walking app Wag!, on its plans to go public by merging with a special purpose acquisition company counseled by McDermott Will & Emery.

Wag said on Thursday that the merger was valued at $350 million. The SPAC is led by former Kellogg executive Paul Norman and co-chief executive officers Jonah Raskas and Mark Grundman.

SPACs raise funds through initial public offerings to merge with privately held companies and take them public.

Cleary mergers and acquisitions partner Charles Allen and capital markets partner Adam Brenneman are advising Wag, according to a firm statement.

Wag’s technology allows users to locate services for dog walking, pet sitting, veterinary care and training. It started accepting Dogecoin cryptocurrency payments in June.

McDermott corporate partners Ari Edelman and Harold Davidson are working with the SPAC, the firm said in a statement.

Edelman previously advised the entity on its August 2021 initial public offering while at Reed Smith, according to filings with the U.S. Securities and Exchange Commission. Edelman joined McDermott in December of last year.

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