CITIC (NYSE:CCAC) announced this afternoon that its shareholders have approved its combination with lidar-maker Quanergy in a special meeting held this morning.
A total of 23,993,179, or 69.55%, of the company’s issued and outstanding ordinary shares were present either in person or by proxy at today’s meeting. Although CITIC’s 8-K filing did not disclose redemption amounts, it traded below its trust value throughout its redemption deadline January 27, and fell 8.03% today, closing at $7.56. However, the SPAC is making a bit of a comeback in after hours trading, up by 4.5% to $7.90.
In mid-December, the SPAC announced that it agreed to additional financing that brought in as much as $125 million in new money. CITIC signed a share subscription facility with Global Emerging Markets Group (GEM), which works similarly to a delayed-action PIPE. GEM will be issued with warrants at close to purchase up to 2.5% of the company’s common stock at $10 per share, but Quanergy will control the timing and amounts of each GEM conversion up to $125 million with no minimum drawdown.
This added to the $40 million PIPE CITIC initially arranged and the $276 million from its current trust, pending redemptions. This new financing was designed to act as a tool for working capital over its 36-month term. But, if counted towards the deal’s $175 million minimum cash condition, it would help bring the SPAC close to fully covering it, if it were fully drawn upon.
CITIC expects to close the deal shortly, and the combined company will trade on the NYSE under the symbol “QNGY”.
The parties initially announced their $1.1 billion deal on June 22. Sunnyvale, California-based Quanergy is developing next-generation lidar arrays for the automotive and industrial automation space to be used for both navigation and imaging purposes.
ADVISORS
- Credit Suisse Securities (USA) LLC is serving as capital markets advisor to CCAC and sole placement agent on the PIPE offering.
- Raymond James & Associates, Inc. is serving as financial advisor to Quanergy.
- Cooley LLP is serving as legal advisor to Quanergy.
- White & Case LLP is serving as legal advisor to CCAC.
- Davis Polk & Wardwell LLP is serving as legal counsel to Credit Suisse Securities (USA) LLC.


A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...