Athena Consumer (NYSE:ACAQ) announced in an 8-K this morning that it has added $15 million in bridge financing to its combination with EV-maker e.GO.
Brucke Funding has provided the funding which is drawable in three tranches maturing at the earlier of the deal’s close or nine months out from the first borrowing. It will hold a 1% interest rate and e.GO will be required to pay at least $4.5 million minus interest once it matures.
The company will have the option to pay back the financing as $2.75 million in cash and the remainder in shares or other property. Athena Consumer’s promote shares will also be reduced in proportion to the amount of capital e.GO draws upon through this arrangement and 75% of these shares rather than 100% will be subject to lock-up restrictions. In the event that this change or other events extends the closing process, the parties have also pushed the deal’s outside date from April 30 to June 30, 2023.
The parties initially announced their $913 million merger on July 28. Aachen, Germany-based e.GO designs and manufactures compact EVs designed for urban markets at microfactories, which it believes will provide a more capital efficient entry to the market.
In August, the company signed agreements to build its third microfactory in North Macedonia, a location that is expected to produce up to 30,000 vehicles per year, beginning in late 2024.
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...