Twin Ridge Capital Acquisition Corp. (TRCA) Amends Carbon Revolution Deal
by Nicholas Alan Clayton on 2023-10-06 at 8:22am

Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) announced in an 8-K that it has amended the share exchange ratio in its combination with automotive wheel-maker Carbon Revolution (ASX:CBR) to a 1-for-10 basis for all merger parties by order of an Australian court.

Previously, Twin Ridge shareholders were to receive 0.10 company share for each Twin Ridge share exchanged, but Carbon Revolution shareholders would get a range of 0.0064 to 0.00643 shares in the combined entity depending on Twin Ridge’s final redemption rate.

All fractional shares resulting from the combination will be rounded down to the nearest whole number.

The court asserts that this will not affect the relative share ownership between the various shareholding parties – Twin Ridge, Carbon Revolution as well as Yorkville Advisors, which a $60 million standby purchase agreement and future beneficiaries of the company’s incentive plan.

But, both stocks have plunged on the judgment. Carbon Revolution closed at $0.16 on the ASX October 1, but has since dropped to $0.10 including a -23% fall in its last trading session.

Twin Ridge is meanwhile down -9.8% in the pre-market, but this could be more attributable to the transitional wash that many SPACs experience after close. Closing time has not yet hit, however, due to these final hiccups.

The SPAC also announced that it would once again adjourn October 10 its completion vote and reconvene it at 1 pm ET October 12, giving two more days for shareholders to make final redemption decisions.

The two sides initially announced their $270 million combination in November 2022. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry.

Last month, the parties added $110 million in financing for the deal intended to fund the company’s factory build-out and expenses associated with its near-term strategic expansion plan.

Recent Posts
by Kristi Marvin on 2025-04-22 at 5:42pm

Texas Ventures Acquisition III Corp (NASDAQ:TVACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TVACU”, Wednesday, April 23, 2025. The new SPAC’s primary search focus will be on industrial technology, specifically companies implementing advanced technologies including software, mobile and IoT applications,...

by Nicholas Alan Clayton on 2025-04-22 at 12:30pm

GSR III Acquisition Corp. (NASDAQ:GSRT) has entered into a definitive agreement to combine with nuclear reactor developer Terra Innovatum at a pro forma equity value of $475 million. Terra Innovatum is developing small modular nuclear reactor designs that it envisions employing in urban power supply applications. The combined company is expected trade on the Nasdaq under...

by Nicholas Alan Clayton on 2025-04-22 at 8:24am

At the SPAC of Dawn Despite a continued tumble in the broader market, SPACs are still making noise and seem more likely than ever to play a significant role in the 2025 equity markets. GSR III (NASDAQ:GSRT) became the 16th SPAC to announce a deal so far this year and it is of the latest...

by Nicholas Alan Clayton on 2025-04-21 at 12:17pm

Papaya Growth (OTC:PPYA) has entered into a definitive agreement to combine with Brazilian energy firm PX Energy at an equity value of $155 million subject to adjustment based on fuel places leading into close. São Mateus do Sul, Brazil-based PX operates a petroleum refining, recycling and mining operation that produces both fuel and agricultural products....

by Nicholas Alan Clayton on 2025-04-21 at 8:19am

At the SPAC of Dawn This week appears set to start in the red as futures blink negative after a long weekend and the end of Spring Break in the New York area. Four SPACs are nonetheless seeking extensions from shareholders this week, although no SPAC has yet scheduled a deal approval vote for the...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved