Battery Future Acquisition Corp. (NYSE:BFAC) announced in an 8-K filing that it has entered into a purchase agreement to transfer control of its sponsor to Camel Bay, resulting in a change in management.
Under the agreement, the sponsor and Pala, an initial shareholder of BFAC, transferred 4,193,695 Class B Ordinary Shares, or the founder shares, to Camel Bay.
Additionally, the sponsor, Pala, and underwriters Cantor Fitzgerald & Co. and Roth Capital Partners, LLC have agreed to cancel an aggregate of 16.3 million private placement warrants purchased by them at the time of the IPO. Certain holders of promissory notes issued by BFAC also agreed to cancel their promissory notes totaling $6.433 million.
As a result of this agreement, CEO Greg Martyr, CFO Kris Salinger, COO Josh Payne, Chief Development Officer Nick O’Loughlin and the directors of the SPAC submitted their resignations, effective immediately.
Camel Bay then appointed Weiyi Zheng as the new CEO and Chairman of the Board. Ms. Zheng is the Senior Vice President of First Cover, Inc. and previously served as the Chief Marketing Officer at Tigerless Health, Inc.
Hao Tian, Zixun Jin and Shengming Shi will serve as independent directors of the SPAC. They will all serve on the audit, compensation and nominating committees. Mr. Tian will act as the “financial expert” and serve as chairman of the audit committee.
Battery Future announced the pricing of its upsized $300 million IPO back in December 2021 and has a current completion deadline of June 17.
Although the SPAC has not yet identified a target to combine with just yet, it originally set out to focus on industries spearheading the shift from fossil fuels to electrification.
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