Freedom I (NYSE:FACT) announced this morning that its shareholders approved its combination with Complete Solaria at a special meeting July 11.
The parties have not released redemption figures nor a timeline for the close, but investors representing 76.9% of shares voted in favor of the deal.
Freedom I has a $100 million minimum cash condition to hit and had $114 million in trust going into the vote after seeing 67.4% redemptions thus far. But, it also announced last month that it had expanded the bridge financing in the deal to $40 million as a part of a deal tweak.
These changes also slashed Complete Solaria’s initial equity value in half to $225 million from $450 million after the company’s public comps universe has declined in share price since the transaction was initially struck in October 2022.
Complete Solaria was created from the 2022 merger of two California-based residential solar companies, which made it a vertically integrated developer in the space from panel technology through installation and customer financing.
On June 28, the company announced that had appointed prominent solar technology entrepreneur T. J. Rodgers to serve as its executive chairman.
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