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.
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