Nubia Brand International Corp. (NASDAQ:NUBI) announced this afternoon that its shareholders approved its business combination with battery technology developer Honeycomb during a special meeting held earlier today.
At the meeting, there were 6,360,235 Nubia shares present, with 70.4% voting to approve the deal.
In connection with the meeting, Nubia received requests to redeem a total of 3,896,031 shares, representing an aggregate total of 99.81% of the SPAC’s trust (including prior redemptions at extension). As of December 12, each share redeemed would be entitled to receive approximately $10.94 per share. If all of the redemption requests are satisfied, the SPAC would be left with 23,586 shares remaining.
Yesterday, the SPAC entered into a Forward Purchase Agreement (FPA) with Meteora involving the potential purchase of up to 9.9% of NUBI’s shares after a business combination with Solidion Technology, Inc.
It also signed a non-redemption agreement with certain investors, each representing various funds and entities. Following the business combination, Nubia will pay each investor an amount equal to the number of their backstop shares multiplied by the redemption price, minus $4 per share, from the trust.
However, the conditions to closing have not yet been satisfied and a date for closing has not been released. Upon completion, the combined company is expected to trade on the Nasdaq.
The parties are currently working together to satisfy such conditions, including obtaining the approval of Nasdaq to list the post-combination company’s common stock following the closing of the combination.
Nubia inked its $700 million deal with Honeycomb in February. Dayton, Ohio-based Honeycomb is the battery division of industrial chemical firm Global Graphene Group and it holds patents on solid-state batteries for EVs.
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