Athena Consumer (NYSE:ACAQ) announced in an 8-K this morning that it has added $15 million in bridge financing to its combination with EV-maker e.GO.
Brucke Funding has provided the funding which is drawable in three tranches maturing at the earlier of the deal’s close or nine months out from the first borrowing. It will hold a 1% interest rate and e.GO will be required to pay at least $4.5 million minus interest once it matures.
The company will have the option to pay back the financing as $2.75 million in cash and the remainder in shares or other property. Athena Consumer’s promote shares will also be reduced in proportion to the amount of capital e.GO draws upon through this arrangement and 75% of these shares rather than 100% will be subject to lock-up restrictions. In the event that this change or other events extends the closing process, the parties have also pushed the deal’s outside date from April 30 to June 30, 2023.
The parties initially announced their $913 million merger on July 28. Aachen, Germany-based e.GO designs and manufactures compact EVs designed for urban markets at microfactories, which it believes will provide a more capital efficient entry to the market.
In August, the company signed agreements to build its third microfactory in North Macedonia, a location that is expected to produce up to 30,000 vehicles per year, beginning in late 2024.
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