TLG Acquisition One Corp. (NYSE: TLGA) announced this morning that it has closed its combination with Electriq Power and the combined company’s shares and warrants will begin trading later today on the NYSE under the symbols “ELIQ” and “ELIQ.WS”, respectively.
The deal brought final proceeds of about $45 million across a variety of equity funding facilities including private placements, PIPEs and loan conversions in addition to SPAC trust capital.
One of these arrangements came in the form of a forward purchase agreement (FPA) TLG One signed with Meteora Capital Partners last month. Meteora agreed to purchase up to 9.9% of TLG One’s outstanding shares through the facility.
TLG inked its $620 million deal with Electriq Power in November 2022. The West Palm Beach, Florida-based company provides intelligent energy storage and management solutions for residential and businesses across the US.
This transaction’s proceeds add on top of $300 million in project financing the company lined up pre-close for its plans.
TLG One CEO and Chairman John Michael Lawrie is expected to join Electriq Power’s Board following close, bringing with him executive experience at DXC Technology (NYSE:DXC) and IBM (NYSE:IBM).
ADVISORS
- Truist Securities, Inc. is acting as financial advisor to TLG Acquisition One Corp and as structuring agent for the transaction.
- The Duff & Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA.
- Gibson, Dunn & Crutcher LLP is acting as legal counsel to TLGA.
- Ellenoff Grossman & Schole LLP is acting as legal counsel to Electriq.
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