Broadscale Acquisition Corp. (SCLE) Terminates Voltus Deal
by Marlena Haddad on 2022-08-12 at 5:10pm

Broadscale Acquisition Corp. (NASDAQ:SCLE) announced this afternoon that it has mutually terminated its combination with software engineering platform Voltus.

On Monday, August 8, Voltus informed Broadscale that it would be unable to complete all actions necessary in order for its registration statements to be effective prior to its agreement end date. As a result, the parties decided to terminate the agreement today.

But, Broadscale, a 24-month SPAC, intends to continue its search for an appropriate target to combine with, which must occur by February 17, 2023. The SPAC priced its upsized $300 million IPO on February 11, 2021, and originally set out to combine with a business bringing tangible improvements to the health, energy, food and transportation sectors.

Broadscale is led by Chairman and CEO Andrew L. Shapiro, Vice Chairman Edward E. Cohen, CFO and Head of Acquisitions John P. Hanna, and Chief Legal Officer and Secretary Jeffrey F. Brotman.

The termination comes roughly eight months after the $816 million deal announcement, which was originally announced on December 1, 2021, and marks the third termination of the week followed by Pono Capital (NASDAQ:PONO) and Benuvia, and Mudrick Capital II  (NASDAQ:MUDS) and Blue Nile. While Pono did not disclose a reason for its termination, Mudrick Capital II parted ways with Blue Nile after the jewelry retailer entered into a different transaction agreement to be acquired by Sterling Jewelers Inc. (NYSE:SIG) for $360 million.

Broadscale expected to fund the deal with about $345 million from its current trust supplemented with a $100 million PIPE at $10.00 per share.  The PIPE drew investment from Equinor Ventures, Belfer Management, Solanas Capital, Ev Williams (cofounder of Twitter and Obvious Ventures). Broadscale Acquisition Corp.’s sponsor, Voltus management, and existing Voltus investors, including Activate Capital and Ajax Strategies, also participated in the PIPE. The deal also featured a $200 million minimum cash condition in order to close.

The San Francisco-based company provides a platform that connects distributed energy resources to electricity markets, allowing customers to monetize and optimize excess power in the grid.

 

 

Broadscale Acquisition Corp. (SCLE) Terminates Voltus Deal
Recent Posts
by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

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...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved