TLG Acquisition One Corp. (TLGA) Closes Electriq Power Deal
by Nicholas Alan Clayton on 2023-08-01 at 7:33am

TLG Acquisition One Corp. (NYSE: TLGA) announced this morning that it has closed its combination with Electriq Power and the combined company’s shares and warrants will begin trading later today on the NYSE under the symbols “ELIQ” and “ELIQ.WS”, respectively.

The deal brought final proceeds of about $45 million across a variety of equity funding facilities including private placements, PIPEs and loan conversions in addition to SPAC trust capital.

One of these arrangements came in the form of a forward purchase agreement (FPA) TLG One signed with Meteora Capital Partners last month. Meteora agreed to purchase up to 9.9% of TLG One’s outstanding shares through the facility.

TLG inked its $620 million deal 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.

This transaction’s proceeds add on top of $300 million in project financing the company lined up pre-close for its plans.

TLG One CEO and Chairman John Michael Lawrie is expected to join Electriq Power’s Board following close, bringing with him executive experience at DXC Technology (NYSE:DXC) and IBM (NYSE:IBM).


  • Truist Securities, Inc. is acting as financial advisor to TLG Acquisition One Corp and as structuring agent for the transaction.
  • The Duff & Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA.
  • Gibson, Dunn & Crutcher LLP is acting as legal counsel to TLGA.
  • Ellenoff Grossman & Schole LLP is acting as legal counsel to Electriq.
Recent Posts
by Kristi Marvin on 2023-09-30 at 11:45am

Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...

by Kristi Marvin on 2023-09-29 at 5:48pm

Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...

by Nicholas Alan Clayton on 2023-09-29 at 4:28pm

October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...

by Nicholas Alan Clayton on 2023-09-29 at 3:51pm

Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....

by Nicholas Alan Clayton on 2023-09-29 at 3:50pm

Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved