Genesis Unicorn Capital Corp. (GENQ) Shareholders Approve ESGL Deal
by Marlena Haddad on 2023-07-26 at 6:07pm

Genesis Unicorn Capital Corp. (NASDAQ: GENQ) announced this afternoon that its shareholders approved its combination with sustainable waste solutions provider ESGL Holdings at a special meeting held earlier today.

At the meeting, a total of 6,542,842 shares of common stock were present, representing approximately 81.54% of the issued and outstanding shares of common stock. Shareholders approved all proposals listed on the ballot including the Reincorporation Merger Proposal, the Acquisition Merger Proposal, the Nasdaq Proposal and the Governance Proposals.

In connection with today’s meeting, Genesis Unicorn Capital disclosed that 5,377,344 shares were tendered for redemption. But, the SPAC saw 99.19% of its trust redeemed in total, accounting for today’s redemptions as well as the 3,177,941 shares redeemed during an extension meeting held in February. It originally raised $87.5 million in gross proceeds from its IPO in February 2022, but is now left with approximately $747,000 in its trust post-vote.

While the SPAC did not specify an exact closing date, it mentioned its intention to finalize the deal as promptly as possible and will continue to accept a reversal of redemption requests until then. Upon closing, the combined company will be named ESGL Holdings Limited and will be listed on the Nasdaq under the ticker “ESGL”.

Genesis Unicorn Capital Corp. inked its $161 million deal with ESGL in November 2022. ESG Limited is a circular economy solutions pioneer in Singapore. ESG restores and regenerates industrial waste into sustainable circular products, in partnership with companies to achieve their sustainability goals.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-02-20 at 2:58pm

SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2024-02-20 at 1:31pm

Deals and Funding Power & Digital (NASDAQ:XPDB) has secured a $10 million investment from Rice Investment Group into its combination with HVAC technology firm Montana under undisclosed terms. two (NYSE:TWOA) has secured a $15 million PIPE at $10 per share for its combination with LatAm Logistic Properties. News and Rumors PR: Adtech firm Banzai International...

by Nicholas Alan Clayton on 2024-02-20 at 10:29am

Acri Capital (NASDAQ:ACAC) has entered into a definitive agreement to combine with electronics manufacturer Foxx for $50 million in share compensation. Texas-based Foxx provides communication terminals and IoT services to the telecom sector as well as consumer electronics for retail buyers. The combined company is expected to trade on the Nasdaq once the deal is...

by Nicholas Alan Clayton on 2024-02-20 at 7:39am

At the SPAC of Dawn SPAC filings have had a relatively slow start out of the gate from the long weekend, but this week should end with some fireworks with six completion votes yet to come and a lunar landing to boot. Three of these votes have been postponed at least once already, so the...

by Kristi Marvin on 2024-02-17 at 11:45am

Terms Tracker for the Week Ending February 16, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings were on the quieter side ahead of the three-day weekend, with the following week also usually heavily booked with spring break vacations. As a...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved