B. Riley Principal Merger Corp. II (NYSE:BMRG) announced that its shareholders had approved its business combination with Eos Energy Storage at a special meeting earlier today.
The company announced yesterday that 37% of its shares had been redeemed for cash in connection with the meeting, but that still left the SPAC with sufficient cash available to close the deal once it secured shareholder approval. Today’s press release did not disclose actual redemption numbers, but that should be forthcoming in a subsequent 8-K.
The parties expect to complete the transaction November 16, with shares and warrants of the combined entity trading on the NYSE the next day under the ticker symbols “EOSE” and “EOSEW,” respectively.
BMRG announced its proposed $550 million deal to combine with Eos on September 8. The company provides utility-scale energy storage products using low-cost zinc batteries as an alternative to lithium-ion batteries.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...