Twin Ridge (TRCA) Shareholders Approve Carbon Revolution Deal

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Twin Ridge (TRCA) Shareholders Approve Carbon Revolution Deal

by Marlena Haddad on 2023-10-13 at 5:52pm

Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) announced that its shareholders approved its combination with automotive wheel-maker Carbon Revolution (ASX:CBR) at a special meeting held yesterday.

Holders of 10,445,986 ordinary shares were present at yesterday’s meeting, representing approximately 90.09% of the voting power of Twin Ridge’s ordinary shares, and constituting a quorum.

In connection with the deal, holders of 6,215,862 of Twin Ridge’s outstanding Class A ordinary shares, or approximately 99.19% of the shares with redemption rights, exercised their right to redeem their shares for cash at approximately $10.73 per share, for an aggregate redemption amount of approximately $66,685,332.

However, the SPAC is allowing shareholders to reverse their redemption requests up until the business day prior to the completion of the deal, which is still undisclosed.

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.

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