ECP Environmental Growth Opportunities Corp. (ENNV) Shareholders Approve Fast Radius Deal
by Marlena Haddad on 2022-02-04 at 9:16am

ECP Environmental Growth Opportunities (NASDAQ:ENNV) announced this morning that its shareholders have approved its combination with digital supply chain firm Fast Radius in a special meeting held on Wednesday.

The parties disclosed that holders of 31,512,573 shares, par value $0.0001 per share, of ENNV exercised their right to redeem for cash at a redemption price of approximately $10.01 per share for an aggregate redemption amount of approximately $315.4 million. This left the SPAC with just 2,987,427 shares, removing 91.341% of its trust. As a result, the minimum cash condition of $175 million was not satisfied and Fast Radius had to waive the condition in order to close the deal.

ECP announced on Tuesday that it had adjourned the January 31 special meeting convened for its completion vote until Wednesday, February 2, while altering the terms of the Fast Radius deal.

The deal chopped Fast Radius’ price by 25% from $1 billion to $750 million. Of the 75,000,000 shares now set to be issued, 10,000,000 are still to be set aside for the company earnout.

Nonetheless, the transaction is now completed and the combined company’s stock and public warrants are expected to begin trading on Monday, February 7, on Nasdaq under the ticker symbols “FSRD” and “FSRD.WS,” respectively. The combined company has been renamed “Fast Radius, Inc.” and will be led by Fast Radius’ existing management team.

ECP originally announced its deal with Fast Radius last year on July 19. Chicago-based Fast Radius provides on-demand manufacturing through micro-factories connected to a cloud-based software system.


ADVISORS

  • Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as co-financial and co-capital market advisors to Fast Radius, Inc.
  • DLA Piper LLP (US) is serving as legal counsel to Fast Radius, Inc.
  • Barclays Capital Inc. and Morgan Stanley & Co. LLC are serving as financial and capital markets advisors to ENNV
  • Latham & Watkins LLP is serving as legal counsel to ENNV.
  • Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are serving as co-placement agents on the PIPE.
ECP Environmental Growth Opportunities Corp. (ENNV) Shareholders Approve Fast Radius Deal
Recent Posts
by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved