Freedom I (NYSE:FACT) announced this morning that it has closed its combination with residential solar developer Complete Solaria and the combined company’s shares and warrants are expected to trade on the Nasdaq under the symbols “CSLR” and “CSLRW” later today, July 18.
The news comes after Freedom I secured new funding last week through a mix of PIPE investments, non-redemption agreements and forward purchase agreements. These resulted in the about $80 million gross proceeds for Complete Solaria.
The SPAC had secured shareholder approval of the deal two days earlier, but 99% redemptions had left Freedom I with just 335,492 shares remaining and about $3.5 million in trust.
Freedom I may still have fallen short of the deal’s initial minimum cash condition of $100 million, but it will also bring significant experience to the company’s Board post-close. The SPAC’s Executive Chairman Tidjane Thiam and CEO Adam Gishen are to come aboard bringing years of experience as Credit Suisse’s CEO and head of investor relations, respectively.
Complete Solaria has already made use of other incoming expertise in streamlining operations this year.
It announced in a June 30 business update that production bottlenecks it encountered in the first quarter of the year were cleared in Q2 with the company projected to reach about $1.2 million in daily revenue by the end of the period.
ADVISORS
- Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as lead capital markets advisor to Freedom.
- Janney Montgomery Scott LLC acted as capital markets advisor to Freedom.
- Cooley LLP served as legal advisor to Complete Solaria.
- Paul Hastings LLP served as legal advisor to Freedom.
- Duff and Phelps provided a fairness opinion to the Board of Directors of Freedom in connection with the business combination with Complete Solaria.
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