Energem Corp. (ENCP) Tweaks Lock-Ups for Graphjet Deal
by Nicholas Alan Clayton on 2023-09-07 at 10:38am

Energem Corp. (NASDAQ:ENCP) announced in an 8-K this morning that it has shortened the lock-up for the SPAC’s sponsor while extending it for other parties in the Graphjet combination.

Energem’s sponsor originally was to be locked for one year following close with an early release available only if the combined company traded at or above $12 for 20 of 30 trading days at least 150 days out from close, while company shareholders were all beholden to a six-month lock-up.

Instead, 2,427,908 of the sponsor’s promote shares (84%) will be released from trading restrictions six-months after close, but may be released earlier at a $18 price hurdle under the same conditions. The remaining 447,092 promote shares will be locked for nine months.

Meanwhile, Graphjet investor Suria Sukses Engineering’s 27,600,000 shares and 528,075 shares held by other insiders are to follow the same schedule as the bulk of the promote. Another 2,760,000 held by Graphjet advisor Arc Group and the 107,640,000 shares representing the bulk of the equity compensation to company shareholders will now be locked for nine months.

These will only be released early if the company undergoes a change of control or other major equity reorganization.

The parties originally announced their $1.5 billion combination in August 2022. Kuala Lumpur-based Graphjet processes palm kernel shells into graphene and graphite materials for EV batteries, medical devices and home appliances.

In January, Energem announced it has agreed to a standby equity agreement with Yorkville Advisors Global for it to purchase up to $200 million in newly-issued Graphjet shares priced at either 96% of their one-day VWAP or 97% of the three-day VWAP.

Recent Posts
by Nicholas Alan Clayton on 2023-09-26 at 5:45pm

Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...

by Kristi Marvin on 2023-09-26 at 5:41pm

Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...

by Nicholas Alan Clayton on 2023-09-26 at 3:54pm

Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...

by Nicholas Alan Clayton on 2023-09-26 at 2:26pm

Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...

by Nicholas Alan Clayton on 2023-09-26 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved