Ivanhoe Capital (NYSE:IVAN) announced this afternoon that it expects to receive shareholder approval at its special meeting set to vote on its combination with EV battery-maker SES tomorrow.
This vote will not be final until after the meeting concludes tomorrow, but considering the good results in a very challenging market environment, a press release of this nature is certainly welcome. The parties expect to close the deal on February 3, providing more than $480 million of cash, less fees and expenses, expected on the balance sheet of the combined company. Using these numbers, we can estimate that Ivanhoe Capital had redemptions of roughly 71M, representing roughly 26% of its trust, marking it as the best vote this year in terms of redemptions.
Last week, CF Acquisition Corp. V saw 92.6% of its trust redeemed in its merger with Satellogic (NASDAQ:SATL), while Yellowstone saw redemptions of 88.7% in its merger with Sky Harbour (NYSE:SKYH) and Sports Entertainment 55.1% with Super Group (NYSE:SHGC).
The PIPE included $275 million common stock offering includes drawing from multiple industry leading OEM’s and strategic partners, along with premier financial investors. The PIPE investors include: Honda Motor Co. Ltd., General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton. SES investors also include SK Inc., Temasek, Tianqi Lithium, and Applied Materials.
In late October, the SPAC entered into an additional PIPE subscription agreement which increased the total PIPE size to $275 million thanks to the additional $75 million subscription at $10.00 per share from an unnamed strategic investor.
Ivanhoe Capital and SES initially announced their $2.6 billion deal on July 13. Singapore-based SES is developing a hybrid lithium-metal rechargeable battery for electric vehicles with full production expected to launch in 2025.
ADVISORS
- Goldman Sachs & Co. LLC is serving as exclusive financial advisor to SES.
- White & Case LLP is serving as legal advisor to SES.
- Morgan Stanley & Co. LLC is serving as sole placement agent on the PIPE offering and as exclusive financial advisor to Ivanhoe.
- Kirkland & Ellis LLP is serving as legal advisor to Ivanhoe.
- ICR, LLC is serving as communications advisor for SES.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...