Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023.
Additional details were not given as to the reason for the move, but meeting adjournments have become quite common in 2023 as companies work to put in place additional financing and backstop agreements. Just this morning, Twin Ridge announced it had added a $110 million structured equity facility to its combination with wheel manufacturer Carbon Revolution (ASX:CBR).
In connection with the adjournment, Twin Ridge is reopening and extending the deadline for its shareholders to exercise their right to redeem their Class A ordinary shares for their pro rata portion of the funds available in Twin Ridge’s trust account, or to withdraw any previously delivered demand for redemption, to 5:00 p.m., Eastern Time, on September 29, 2023 (two business days before the adjourned General Meeting).
The two sides initially announced their $270 million combination in November 2022. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry.
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