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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...