TLG Acquisition One Corp. (NYSE: TLGA) announced this afternoon that its shareholders approved its combination with energy storage provider Electriq Power at a special meeting held earlier today.
The approval of the deal received overwhelming support, with over 98% of the votes cast at the meeting being in favor of the transaction. Additionally, TLG stockholders voted affirmatively on all other proposals presented during the special meeting.
Although TLG has yet to disclose redemption numbers, it estimates that the redemption price of TLG’s Class A common stock in connection with the business combination will be $10.63 per share.
As a result of today’s announcement, TLG also disclosed that it has canceled the extension meeting scheduled for July 27. The parties expect to close the deal on Monday, July 31 and the combined company is expected to trade on the NYSE under the ticker symbol “ELIQ”.
TLG inked its $620 million deal with Electriq Power in November 2022. TLG originally raised $400 million in total gross proceeds from its IPO in January 2021, but saw 80.13% of its trust redeemed during a December 2022 meeting, leaving it with $80.4 million post-vote.
Earlier this month, the SPAC signed a forward purchase agreement (FPA) with Meteora Capital Partners to support its combination. Meteora agreed to purchase up to 9.9% of TLG One’s outstanding shares and may waive this ownership restriction at its discretion. In general, it will pay the combined company $3 million for its purchases within a day of the close of TLG One’s combination with Electriq Power.
West Palm Beach, Florida-based Electriq Power provides intelligent energy storage and management solutions for residential and businesses across the U.S.
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