Climate Change Crisis Real Impact I (CLII) Shareholders Approve EVgo Deal
by Marlena Haddad on 2021-06-29 at 5:14pm

Climate Change Crisis Real Impact I Acquisition Corporation  (NYSE:CLII) announced in an 8-K filing today that its shareholders approved its combination with electric vehicle (EV) fast charging network EVgo at a special meeting earlier today.

The 8-K showed low redemptions with just 13,230 shares redeemed in connection to the business combination, resulting in approximately $132,305.78, or about $10.00 per share, to be removed from the trust account to pay the holders. CLII had been trading well above trust value, but tumbled 6.91% to $15.36 today.

More than 99% of the votes cast, or 17,651,188 votes, were in favor of the business combination with only 73,210 voting against it. 61.78% of the voting power of the common stock were present for the meeting where the business combination was approved overwhelmingly along with every other proposal, including the charter amendment proposal and the incentive plan.

The transaction is expected to close on July 1, and the combined entity’s shares and warrants will start trading on the Nasdaq under the new symbols “EVGO” and “EVGOW”, respectively,  on July 2.

Climate Change Crisis Real Impact I and EVgo initially announced the $2.1 billion deal on January 22.  Los Angeles-based EVgo is a fast charging network for electric vehicles with over 800 fast charging locations in 67 major metropolitan areas across 64 states. The company is 100% powered by renewable energy and serves more than 220,000 customers.

All measures on Climate Change Crisis Real Impact I’s ballot passed by wide margins, but for a full list of proposals and vote tallies, click HERE.


ADVISORS

  • Credit Suisse is serving as lead financial advisor and capital markets advisor to EVgo and also acted as joint lead placement agent on the PIPE
  • Evercore is also serving as financial advisor and capital markets advisor to EVgo and placement agent on the PIPE
  • Vinson & Elkins L.L.P. is serving as legal advisor to EVgo
  • BofA Securities is serving as exclusive financial advisor to CLII, and also acted as joint lead placement agent on the PIPE
  • Mayer Brown LLP is serving as legal advisor to CLII
  • Latham & Watkins L.L.P. is serving as counsel to the placement agents on the PIPE
Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved