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.
At the SPAC of Dawn Of the days with potential to shake up the market with news this week, today is the big one. Markets are currently anticipating a “near-zero” chance of any changes in the Fed’s rate-cut schedule coming out of today’s meeting. But, other news could come in a change in policy on...
The pace of de-SPACs making it to their lock-up expirations is set to roughly remain level with last month as May’s batch includes five companies and six sponsors set to be released. This group features a high number of Asia-based deals including its headline performer, SunCar Technology (NASDAQ:SDA), which last closed at $7.91. Earlier this...
DT Cloud Star (NASDAQ:DTSQU) filed an S-1 to raise $60 million as the second SPAC by its sponsor team, but this venture would be the 13th foray by underwriter Alliance Global Partners and the first under its new branding as AGP. However, three of those initial filings have subsequently been withdrawn. Nonetheless, AGP is offering...
At the SPAC of Dawn Tuesday brings another packed day in a packed week of potentially market-moving events and individual SPAC actions. The market today will take in the update on US consumer confidence readings as well as the employment cost index and Treasury’s decision on its quarterly refunding plans. An unusually large portion of...
Few target companies have gone through a greater amount of change through the course of their de-SPACing process than digital transformation firm Noventiq, which makes its latest update via a new investor presentation a particularly interesting read. When it initially announced its combination with Corner Growth (NASDAQ:COOL) in May 2023, Noventiq was still listed in...