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.
AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
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...