Transaction Overview

Aetherium facilitated the de-SPAC transaction for Lumina Education Technologies, a Thai-headquartered online learning platform serving over three million registered users across Thailand, the Philippines, and Indonesia. The business combination brought Lumina to NASDAQ, providing the capital and institutional visibility needed to scale its adaptive learning technology across the broader ASEAN market.

Deal Structure

The transaction was valued at one hundred and fifty million dollars with a forty million dollar PIPE raise co-led by an education-focused growth equity fund and a Singapore-based family office. Aetherium structured the merger with a combination of stock consideration and a deferred payment mechanism tied to subscriber growth targets. The proxy process was completed in under ninety days from initial SEC filing, reflecting disciplined preparation and efficient regulatory engagement.

Strategic Rationale

Southeast Asia’s education technology market has experienced rapid acceleration, with government digitization initiatives and increasing internet penetration driving adoption of online learning platforms. Lumina’s proprietary adaptive learning engine, which personalizes content delivery based on individual student performance data, differentiates the company from generic content providers. The NASDAQ listing enables Lumina to invest in artificial intelligence capabilities and pursue strategic acquisitions of complementary content libraries across the region.

Outcome

Lumina commenced trading on NASDAQ with strong institutional support, and the company has since announced two content partnerships and one tuck-in acquisition funded by public market proceeds. Quarterly revenue has grown at twenty-eight percent year-over-year, with net subscriber additions accelerating following the public listing.