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.
Lightwave Acquisition Corp. (NASDAQ:LWACU) announced the pricing of its $187.5 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LWACU”, Wednesday, June 25, 2025. The new SPAC plans to combine with a technology target or another industry that complements its management team’s background. Lightwave’s management team is led...
Oxley Bridge Acquisition Limited (NASDAQ:OBAU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OBAWU”, Wednesday, June 25, 2025. The Company’s primary focus will be to search globally for a target with operations or prospects focusing on global consumer and technology sectors...
At the SPAC of Dawn The SPAC market has been feeling considerable wind under its sails since the cycle reset last summer, but that does not mean it is smooth sailing for all portions of the process. All three SPACs that held votes yesterday wound up adjourning or postponing them, suggesting that getting through a...
Columbus Circle I (NASDAQ:CCCM) has entered into a definitive agreement to combine with ProCap Financial as part of a raise of about $1 billion in capital for the target company. ProCap aims to build a Bitcoin treasury that will eventually provide the backing for a financial institution providing investment banking services. The combined company is...
At the SPAC of Dawn SPACs have a busy week of votes ahead of them with six special meetings to approve extensions and three to complete business combinations. JVSPAC (NASDAQ:JVSA) is set to kick off the run of deal votes tomorrow as it seeks approval to tie things up with Southeast Asian hospitality chain Hotel101....