Jupiter Wellness Acquisition Corp. (NASDAQ:JWAC) announced this afternoon that it has completed its combination with Chinese carmaker Chijet.
The deal was already approved by shareholders at a special meeting held on May 2, but at that time, the SPAC did not provide a timeline for the closing of the transaction.
Although redemption numbers have still not been disclosed, Jupiter Wellness stated that the deal will provide cash, including funds from its trust, and proceeds to allow Chijet to continue its growth momentum in the new energy vehicle market. JWAC originally brought about $140.2 million into the deal through its current trust and did not supplement this with a PIPE. As part of the condition to closing, the company had to have at least $10 million in cash and cash equivalents.
Chijet’s ordinary shares are expected to begin trading on The Nasdaq under the new ticker symbol “CJET” on June 2, 2023.
Jupiter Wellness originally announced the $1.6 billion deal in October 2022. Yantai, China-based Chijet manufactures both internal combustion and electric vehicles through a variety of brands for the Chinese and Southeast Asian markets.
ADVISORS
- I-Bankers Securities, Inc., sole bookrunner for the JWAC’s initial public offering, served as financial advisor to JWAC.
- Ellenoff Grossman & Schole LLP served as legal counsel to Chijet, Inc.
- Sichenzia Ross Ference LLP served as legal counsel to JWAC.
- Maples and Calder (Cayman) LLP served as Cayman Islands counsel to Chijet.
Latest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...
Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved. 7,975,698 shares were recorded voting for the transaction, while only 38,008...
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...