Decarbonization Plus Acquisition Corp. (DCRB) Shareholders Approve Hyzon Deal
Decarbonization Plus Acquisition Corp. (NASDAQ:DCRB) announced in a press release today that its shareholders approved its combination with hydrogen vehicle-maker Hyzon Motors Inc. in a meeting held earlier this morning.
Approximately 95% of the votes cast on the business combination proposal at the meeting were in favor of the transaction with only 2,089,323 shares opting to redeem at $10.00 per share. This removed approximately $20,894,145.34 from trust, leaving $204.9 million for one of the more relatively successful recent votes.
The transaction is expected to close tomorrow July 16 and the combined entity’s shares and warrants will begin trading on the Nasdaq under the symbols “HYZN” and “HYZNW”, respectively, on July 19, 2021.
Decarbonization Plus and Hyzon initially announced the $2.1 billion deal on February 9. Hyzon makes hydrogen fuel cell engines for heavy trucks as a alternative to diesel power sources.
Hyzon announced an MOU in April to launch a joint venture with Wyoming-based renewable fuels company Raven to build up to 100 hydrogen production hubs globally. Hyzon also agreed to acquire minority interest in Raven.
Just yesterday, the company delivered Australia’s first hydrogen-powered trucks to Coregas, a Wesfarmers company.
ADVISORS
- Goldman Sachs & Co. LLC acted as exclusive financial advisor to Hyzon, and lead placement agent on the PIPE to DCRB.
- Morgan Stanley & Co. LLC also acted as placement agent on the PIPE.
- Credit Suisse and Citigroup served as financial and capital markets advisors, and Alvarium Investment Advisors acted as capital markets advisor, to DCRB.
- Vinson & Elkins LLP served as legal counsel to DCRB.
- Sullivan & Cromwell LLP served as legal counsel to Hyzon.
- Ropes & Gray LLP served as legal counsel for the PIPE’s private placement agents.