TLG One (NYSE:TLGA) announced in an 8-K this morning that it has signed a forward purchase agreement (FPA) with Meteora Capital Partners to support its combination with Electriq Power.
Meteora will purchase up to 9.9% of TLG One’s outstanding shares and may waive this ownership restriction at its discretion. In general, it will pay the combined company $3 million for its purchases within a day of the close of TLG One’s combination with Electriq Power.
From there on, Meteora may sell shares for prices of $6.67 or better in the first six months following close, or any price thereafter. It will not pay any early termination fees on shares sold in this fashion until proceeds cover the initial $3 million prepayment.
From then on, Meteora may terminate the FPA’s coverage of shares, sell them on the open market, and provide proceeds to the combined company at a price equal to the two-week VWAP of the shares going into the sale.
Once the agreement has matured, Meteora is to be paid either $0.75 per share in cash or $1 per share in shares for each share it still holds under the agreement absent any earlier terminations. Meteora has also agreed not to redeem 100,000 shares that it holds with an extension vote coming up at 10 am ET July 27.
As of July 21, TLG One shareholders had requested the redemption of 98.6% of the SPAC’s shares, but they may still reverse these decisions.
TLG One initially announced its $620 million combination with Electriq Power in November 2022. The West Palm Beach, Florida-based company provides intelligent energy storage and management solutions for residential and businesses across the US.
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...