Athena Consumer Acquisition Corp. (ACAQ) to Adjourn Vote for Completion, Warrant Exchange
by Nicholas Alan Clayton on 2023-09-15 at 4:48pm

Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced that it intends to adjourn its September 21 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 1:30 pm ET September 28.

The SPAC is not only counting on shareholders to approve the deal and certain governance matters. Its warrant holders are also to vote at at the special meeting on the portion of the business combination proposal that would convert all outstanding warrants to 0.175 shares in the combined company with remaining fractions rounded down.

With the meeting date moved, Athena Consumer’s redemption deadline has also been pushed to September 26. But, the SPAC has already seen about 95.8% of shares redeemed leaving about $10.8 million remaining in its trust.

Athena Consumer must provide at least $50 million in proceeds under the deal’s minimum cash condition and it has added a $15 million bridge loan and a standby equity purchase agreement that could see up to 15,000,000 shares purchased by Vellar Opportunity Fund or up to 9.9% of all shares.

e.GO also received $46.7 million in net proceeds from a notes issuance connected to the deal, with the opportunity to issue up to $25 million more. All notes bear a fixed 9.75% interest rate and mature on June 30, 2027.

In July and August, the parties also modified the deal to include the warrant exchange and tweak the earnout such that company shareholders will receive 10,000,000 additional shares in all cases after a one-year lock-up.

Athena announced its $913 million merger with e.GO in July 2022. Aachen, Germany-based e.GO designs and manufactures compact EVs designed for urban markets at microfactories, which it believes will provide a more capital efficient entry to the market.

 

Athena Consumer Acquisition Corp. (ACAQ) to Adjourn Vote for Completion, Warrant Exchange
Recent Posts
by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved