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.
Copley Acquisition Corp. (NYSE:COPL.U) announced the pricing of its $150 million IPO and its units are expected to begin trading on the NYSE under the symbol “COPL.U”, Thursday, May 1, 2025. The new SPAC aims to combine with a company in the technology or lifestyle sectors that have the ability to scale and enhance growth....
Wintergreen Acquisition Corp. (NASDAQ:WTGU) has filed for a $50 million SPAC with a focus on technology and media firms in Asia and China specifically at a particularly interesting time. The new SPAC acknowledges in the second paragraph of its S-1 that this focus “may subject us to significantly elevated regulatory, liquidity, and enforcement risk”, which...
May is to extend a theme for the spring of 2025 with very few de-SPACs and sponsors coming free of their lock-up agreements. This is due in some cases to stellar performance but more broadly due to the slowdown in deal closings about 12 and six months ago. One way or the other, four sponsors...
At the SPAC of Dawn Now that earnings season is in full swing, more de-SPACs are set to provide updates on how both trade and market volatility are impacting their margins. On the positive side, USA Rare Earth (NASDAQ:USAR) has continued to reap the benefits from its position as one of few US-based producers of...
This week, we sit down with Rick Hendrix and Adam Fishman from the Live Oak SPAC team. Rick Hendrix is the Founder of Live Oak Merchant Partners, and Chairman and CEO of Live Oak Acquisition Corp. V (NASDAQ:LOKV). In addition, he is an operating executive at Crestview Partners, a New York-based middle market focused private equity firm....