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.

Twin Ridge Capital Acquisition Corp. (TRCA) Amends Carbon Revolution Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved