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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-05-20 at 12:49pm

Distoken (NASDAQ:DIST) has entered into a definitive agreement to combine with staffing firm Youlife International. Shanghai-based Youlife provides a staffing and recruitment platform aimed at training up applicants and getting them matched with vocational careers in China and the Asia-Pacific region. The combined company is expected to trade on the Nasdaq under the symbol “YOUL”...

by Nicholas Alan Clayton on 2024-05-20 at 7:46am

At the SPAC of Dawn This week’s SPAC action is set to be front-loaded as far as votes are concerned with four extension votes today and tomorrow. Genesis Growth Tech (OTC:GGAAF) shareholders will also vote to complete its combination with Mind Maze Tuesday. Genesis Growth last closed at $12.50 – a $0.58 discount to its...

by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved