The Growth for Good Acquisition Corporation (NASDAQ: GFGD) disclosed in a press release today that it has adjourned its special meeting for the seventh time.
Shareholders were expecting to cast their votes on the SPAC’s combination with EV-maker ZeroNox, but the parties are now considering terminating the deal due to the amount of redemption requests. It remains unclear how high those redemptions are, but GFGD raised a total of $253 million in gross proceeds from its IPO in December 2021.
Originally planned for August 23, the meeting has now been pushed back to tomorrow, September 12, at 3:00 p.m., ET.
When The Growth for Good announced its first postponement nearly a month ago on August 18, it noted that it was in the process of finalizing specific agreements related to the subscription of shares in a PIPE financing agreement. It was able to use those extra few days to secure a $5 million PIPE for its combination from investors including trailer and tractor-makers Premier and Kubota as well as Formula-E racing team NIO 333.
But, with a completion deadline of September 14 quickly approaching, the SPAC is left with just a few days to reverse redemptions requests or make the decision to nix the combination.
The Growth for Good entered into the $306 million agreement with ZeroNox earlier this year in March. Porterville, California-based ZeroNox manufactures electric drivetrains for a wide range of off-highway vehicles like golf carts, forklifts and all-terrain vehicles.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...