Battery Future Acquisition Corp. (NYSE:BFAC) announced in an 8-K filing that it has entered into a purchase agreement to transfer control of its sponsor to Camel Bay, resulting in a change in management.
Under the agreement, the sponsor and Pala, an initial shareholder of BFAC, transferred 4,193,695 Class B Ordinary Shares, or the founder shares, to Camel Bay.
Additionally, the sponsor, Pala, and underwriters Cantor Fitzgerald & Co. and Roth Capital Partners, LLC have agreed to cancel an aggregate of 16.3 million private placement warrants purchased by them at the time of the IPO. Certain holders of promissory notes issued by BFAC also agreed to cancel their promissory notes totaling $6.433 million.
As a result of this agreement, CEO Greg Martyr, CFO Kris Salinger, COO Josh Payne, Chief Development Officer Nick O’Loughlin and the directors of the SPAC submitted their resignations, effective immediately.
Camel Bay then appointed Weiyi Zheng as the new CEO and Chairman of the Board. Ms. Zheng is the Senior Vice President of First Cover, Inc. and previously served as the Chief Marketing Officer at Tigerless Health, Inc.
Hao Tian, Zixun Jin and Shengming Shi will serve as independent directors of the SPAC. They will all serve on the audit, compensation and nominating committees. Mr. Tian will act as the “financial expert” and serve as chairman of the audit committee.
Battery Future announced the pricing of its upsized $300 million IPO back in December 2021 and has a current completion deadline of June 17.
Although the SPAC has not yet identified a target to combine with just yet, it originally set out to focus on industries spearheading the shift from fossil fuels to electrification.
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...
At the SPAC of Dawn Layoffs in the tech sector ticked down in March to 7,322, making it the most merciful period of 2024 so far for tech workers after back-to-back months that saw nearly 35,000 let go in total, according to Layoffs.fyi. The dip could be an indication that the contraction in tech funding...
Cruise operator Viking Holdings (NYSE:VIK) put to sea with its traditional IPO yesterday and immediately showed that the public market winds could be favorable for more SPAC hospitality deals. Viking debuted near the top of its $21 to $25 range at $24, and immediately cruised up about +8.7% further to a day one close at...
As the month closes, the urgency among teams to get shareholder approval for more time to finalize business combinations continues to grow. The deadline for completing these combinations is increasingly extended as teams face rising timelines and gradually diminishing trust funds due to multiple extensions. Extension Votes April, much like the previous months, has seen...