Poema Global (NASDAQ:PPGH) announced this afternoon that its shareholders have voted to approve its combination with two-wheeled EV battery charging network Gogoro.
The SPAC announced yesterday morning that it expected to close its combination, but shareholders still have until 5 pm ET tomorrow, April 1 to withdraw their redemption decisions.
Included in this deal is a $295M PIPE led by institutional investors and strategic partners, including Engine No. 1, Generation Investment Management, GoTo Group, Hon Hai (Foxconn) Technology Group, Temasek, Ruentex Group and others.
While the deal’s proceeds remain below its $400 million minimum cash condition, the parties still expect to officially close the transaction on Monday, April 4, 2022. The combined company will retain the Gogoro name and its shares and warrants are expected to begin trading on the Nasdaq Global Select Market under the symbols “GGR” and “GGROW,” respectively, on Tuesday, April 5, 2022. Upon closing, Homer Sun, CEO of Poema Global, will join Gogoro’s Board of Directors.
Poema Global initially announced its $2.3 billion combination with Gogoro on September 16. Taipei-based Gogoro provides branded e-scooters and battery-swapping kiosks for a range of two-wheeled electric vehicles in Taiwan and China, with plans to enter the Indian market through a joint venture with Hero MotoCorp.
Earlier this month, the company announced that it had developed the first swappable solid state battery for two-wheeled EVs and it also manufactured its one-millionth battery to date.
ADVISORS
- Kirkland & Ellis LLP is serving as legal advisor to Poema Global.
- Citibank and UBS are serving as joint placement agents on the PIPE offering.
- Winston & Strawn LLP is serving as legal advisor to the placement agents.
- Wilson Sonsini Goodrich & Rosati is serving as legal advisor and Goldman Sachs is serving as financial advisor to Gogoro.
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