Twin Ridge Capital Acquisition Corp. (TRCA) Closes Carbon Revolution Deal
by Marlena Haddad on 2023-11-03 at 11:47am

Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) has closed its combination with automotive wheel-maker Carbon Revolution (ASX:CBR) after shareholders approved the deal at a special meeting held on October 12.

The combined company’s common stock will start trading today on the Nasdaq under the ticker symbol “CREV”.

At last month’s shareholder meeting, holders of 6,215,862 of Twin Ridge’s outstanding Class A ordinary shares, or approximately 99.19% of the shares with redemption rights, exercised their right to redeem their shares at approximately $10.73 per share, for an aggregate redemption amount of approximately $66,685,332.

Carbon Revolution is set to receive $95 million in gross proceeds from the transaction. This sum encompasses $35 million from the structured equity facility of up to $110 million, provided by two fund vehicles affiliated with OIC, along with $60 million from a committed equity facility.

The release of the remaining $75 million within the structured equity facility is contingent upon the company reaching specific growth milestones in the future. Of that $75 million, $40 million is also subject to approval by OIC’s investment committee.

The two sides initially announced their $270 million combination in November 2022. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry.

Joining the board of Carbon Revolution are four U.S.-based senior automotive executives including former General Motors Vice Chairman Bob Lutz, along with Burt Jordan, Jacqueline A. Dedo, and Matti Masanovich.
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