SPACInsider Logo
European Sustainable Growth Acquisition (EUSG) Shareholders Approve ADS-TEC Deal
by Marlena Haddad on 2021-12-21 at 5:33pm

European Sustainable Growth Acquisition (NASDAQ:EUSG) announced this afternoon that its shareholders approved its combination with EV battery-maker ADS-TEC in a special meeting held earlier today.

Holders of 12,089,854 ordinary shares were present in person or by proxy at today’s meeting, representing 67.05% of EUSG’s voting power. Additionally, the 8-K disclosed that approximately 9,504,750 shares were redeemed in connection to the vote, removing 66.12% of the SPAC’s trust.

The combined company will be called ADS-TEC Energy plc and its ordinary shares and warrants are expected to list on Nasdaq under the new ticker symbols “ADSE” and “ADSEW”, respectively.

European Sustainable Growth initially announced the $580 million combination with ADS-TEC on August 11. Stuttgart, Germany-based ADS-TEC provides charging stations for electric vehicles and energy storage solutions for both commercial and residential customers.

All measures on the company’s ballot passed by large margins. For full vote tallies, click here.


  • EarlyBirdCapital and ABN AMRO Securities (USA) LLC are serving as financial advisors to EUSG and placements agents in the PIPE.
  • Carnegie Investment Bank is serving as a selling agent in the PIPE.
  • Raymond James is serving as M&A advisor to EUSG and placement agent in the PIPE.
  • The German KPMG member firm is serving as M&A advisor to ADS-TEC Energy.
  • Reed Smith LLP is serving as lead legal counsel to EUSG
  • Arthur Cox is serving as legal advisor in Ireland and Maples Group is serving as legal advisor in the Cayman Islands to EUSG.
  • CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB and Alston & Bird LLP are serving as legal advisors to ADS-TEC Energy.
Recent Posts
by Marlena Haddad on 2023-03-24 at 5:40pm

Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....

by Marlena Haddad on 2023-03-24 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Momentus SPAC backers accused of deliberately engineering a catastrophic deal  Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...

by Nicholas Alan Clayton on 2023-03-24 at 7:20am

DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...

by Nicholas Alan Clayton on 2023-03-24 at 7:05am

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...

by Marlena Haddad on 2023-03-23 at 6:08pm

Oak Woods Acquisition Corporation priced its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OAKU” Friday, March 24, 2023. The SPAC intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. Oak Woods is led by...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved