Climate Change Crisis Real Impact I Acquisition Corporation (NYSE:CLII) announced in an 8-K filing today that its shareholders approved its combination with electric vehicle (EV) fast charging network EVgo at a special meeting earlier today.
The 8-K showed low redemptions with just 13,230 shares redeemed in connection to the business combination, resulting in approximately $132,305.78, or about $10.00 per share, to be removed from the trust account to pay the holders. CLII had been trading well above trust value, but tumbled 6.91% to $15.36 today.
More than 99% of the votes cast, or 17,651,188 votes, were in favor of the business combination with only 73,210 voting against it. 61.78% of the voting power of the common stock were present for the meeting where the business combination was approved overwhelmingly along with every other proposal, including the charter amendment proposal and the incentive plan.
The transaction is expected to close on July 1, and the combined entity’s shares and warrants will start trading on the Nasdaq under the new symbols “EVGO” and “EVGOW”, respectively, on July 2.
Climate Change Crisis Real Impact I and EVgo initially announced the $2.1 billion deal on January 22. Los Angeles-based EVgo is a fast charging network for electric vehicles with over 800 fast charging locations in 67 major metropolitan areas across 64 states. The company is 100% powered by renewable energy and serves more than 220,000 customers.
All measures on Climate Change Crisis Real Impact I’s ballot passed by wide margins, but for a full list of proposals and vote tallies, click HERE.
ADVISORS
- Credit Suisse is serving as lead financial advisor and capital markets advisor to EVgo and also acted as joint lead placement agent on the PIPE
- Evercore is also serving as financial advisor and capital markets advisor to EVgo and placement agent on the PIPE
- Vinson & Elkins L.L.P. is serving as legal advisor to EVgo
- BofA Securities is serving as exclusive financial advisor to CLII, and also acted as joint lead placement agent on the PIPE
- Mayer Brown LLP is serving as legal advisor to CLII
- Latham & Watkins L.L.P. is serving as counsel to the placement agents on the PIPE
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