Freedom Acquisition 1 Corp. (FACT) Lowers Complete Solaria Valuation, Adds Funding
by Nicholas Alan Clayton on 2023-06-15 at 8:26am

Freedom I (NYSE:FACT) announced this morning that it has lowered the pre-money equity valuation by half for its target Complete Solaria while bringing in $10 million more in commitments to its bridge financing.

The changes drop Complete Solaria’s valuation to $225 million from $450 million at announcement. Freedom I tipped that it was considering such a change in a presentation it released in late May and comes in reaction to dropping share prices among Complete Solaria’s listed comp universe.

Complete Solaria was created from the 2022 merger of two California-based residential solar companies, which made it a vertically integrated developer in the space from panel technology through installation and customer financing.

The presentation noted that as of May 22, its downstream solar peers had seen their share price drop between -34.7% and -59% since the announcement of Complete Solaria’s combination with Freedom I in October.

Upstream solar developers had fared better with peers Maxeon (NASDAQ:MAXN) and SolarEdge (NASDAQ:SEDG) each performing positively over this period, but Enphase (NASDAQ:ENPH) and Generac (NYSE:GNRC) saw share declines of -43.7% and -36.9%, respectively.

Freedom I said it believes the adjustment will provide a more attractive entry point for investors, perhaps as evidenced by the fact it has now expanded its bridge financing to $40 million with the new funding.

This is still well below the transaction’s $100 million minimum cash condition, but Freedom I still has $114 million in its trust with 67.4% redeemed thus far. The parties are aiming for a third quarter 2023 close, and the SPAC can automatically extend its deadline up to September 2.

 

Freedom Acquisition 1 Corp. (FACT) Lowers Complete Solaria Valuation, Adds Funding
Recent Posts
by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved