ECP Environmental Growth Opportunities (NASDAQ:ENNV) announced this morning that its shareholders have approved its combination with digital supply chain firm Fast Radius in a special meeting held on Wednesday.
The parties disclosed that holders of 31,512,573 shares, par value $0.0001 per share, of ENNV exercised their right to redeem for cash at a redemption price of approximately $10.01 per share for an aggregate redemption amount of approximately $315.4 million. This left the SPAC with just 2,987,427 shares, removing 91.341% of its trust. As a result, the minimum cash condition of $175 million was not satisfied and Fast Radius had to waive the condition in order to close the deal.
ECP announced on Tuesday that it had adjourned the January 31 special meeting convened for its completion vote until Wednesday, February 2, while altering the terms of the Fast Radius deal.
The deal chopped Fast Radius’ price by 25% from $1 billion to $750 million. Of the 75,000,000 shares now set to be issued, 10,000,000 are still to be set aside for the company earnout.
Nonetheless, the transaction is now completed and the combined company’s stock and public warrants are expected to begin trading on Monday, February 7, on Nasdaq under the ticker symbols “FSRD” and “FSRD.WS,” respectively. The combined company has been renamed “Fast Radius, Inc.” and will be led by Fast Radius’ existing management team.
ECP originally announced its deal with Fast Radius last year on July 19. Chicago-based Fast Radius provides on-demand manufacturing through micro-factories connected to a cloud-based software system.
- Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as co-financial and co-capital market advisors to Fast Radius, Inc.
- DLA Piper LLP (US) is serving as legal counsel to Fast Radius, Inc.
- Barclays Capital Inc. and Morgan Stanley & Co. LLC are serving as financial and capital markets advisors to ENNV
- Latham & Watkins LLP is serving as legal counsel to ENNV.
- Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are serving as co-placement agents on the PIPE.
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