Star Peak Energy Transition (NYSE:STPK) announced in an 8-K filing that its shareholders approved its business combination with energy storage company Stem with minimal shares redeemed earlier today.
About 59.6% of Star Peak shares participated in the vote at a special meeting and overwhelmingly approved the business combination and other governance proposals on the ballot. Just 19,804 shares were redeemed in connection with the vote and these may have been in error as Star Peak opened ahead of the vote $26.17, meaning redeemers left significant money on the table.
The filing did not include a timeline on the transaction’s close, but it is likely to be completed shortly. The combined company is then expected to trade on the NYSE under the symbol, “STEM”.
Star Peak initially announced its $829 million combination with Stem on December 4. California-based Stem provides energy storage systems that include AI-automated system operations that switch between the grid and onsite batteries to optimize usage for both individual energy customers and the grids themselves.
The most controversial items at Star Peak’s special meeting were a pair of measures increasing the powers of the combined company’s board, which each received about 6% votes against. For a full list of proposals and vote tallies, click HERE.
ADVISORS
- Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Star Peak.
- Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC are serving as joint capital markets advisors to Star Peak and serving as co-placement agents on the PIPE offering.
- Kirkland & Ellis LLP is serving as legal advisor to Star Peak.
- Morgan Stanley & Co. LLC is serving as lead financial advisor to Stem, Nomura Greentech is serving as a financial advisor to Stem, and Gibson, Dunn & Crutcher LLP as well as Wilson, Sonsini, Goodrich & Rosati are serving as legal advisors to Stem.
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