The Growth for Good (NASDAQ:GFGD) announced this morning that it has added a $5 million PIPE to its combination with EV-maker ZeroNox with the participation of several strategic investors.
The PIPE is set at $10 per share, but The Growth for Good has not yet filed other terms. Investors include trailer and tractor-makers Premier and Kubota as well as Formula-E racing team NIO 333. ZeroNox CEO Vonn Christenson noted in the press release that these investments will come with ear-marked joint projects.
The Growth for Good also clarified that pulling together this PIPE was the primary reason the SPAC postponed its completion vote for the deal from August 18 to 10 am ET August 23. The Growth for Good could still push things out further as it has until September 14 to complete a deal under its current deadline.
The two sides initially struck their $306 million deal on March 8. Porterville, California-based ZeroNox manufactures electric drivetrains for a wide range of off-highway vehicles like golf carts, forklifts and all-terrain vehicles.
It generated $9.7 million in revenue in 2022 and has about $180 million-worth of revenue under contract for the coming years, including $26.3 million at the memorandum-of-understanding stage, according to a recent presentation.
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...