TLG Acquisition One Corp. (TLGA) Adds FPA to Electriq Power Deal
by Nicholas Alan Clayton on 2023-07-24 at 9:59am

TLG One (NYSE:TLGA) announced in an 8-K this morning that it has signed a forward purchase agreement (FPA) with Meteora Capital Partners to support its combination with Electriq Power.

Meteora will purchase up to 9.9% of TLG One’s outstanding shares and may waive this ownership restriction at its discretion. In general, it will pay the combined company $3 million for its purchases within a day of the close of TLG One’s combination with Electriq Power.

From there on, Meteora may sell shares for prices of $6.67 or better in the first six months following close, or any price thereafter. It will not pay any early termination fees on shares sold in this fashion until proceeds cover the initial $3 million prepayment.

From then on, Meteora may terminate the FPA’s coverage of shares, sell them on the open market, and provide proceeds to the combined company at a price equal to the two-week VWAP of the shares going into the sale.

Once the agreement has matured, Meteora is to be paid either $0.75 per share in cash or $1 per share in shares for each share it still holds under the agreement absent any earlier terminations. Meteora has also agreed not to redeem 100,000 shares that it holds with an extension vote coming up at 10 am ET July 27.

As of July 21, TLG One shareholders had requested the redemption of 98.6% of the SPAC’s shares, but they may still reverse these decisions.

TLG One initially announced its $620 million combination 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.

Recent Posts
by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

by Nicholas Alan Clayton on 2024-06-11 at 8:14am

At the SPAC of Dawn As both SPAC and traditional-way IPO activity picks back up in 2024, SPAC teams might want to brush up on their Spanish as they compete for targets. Spain has not traditionally been considered a tech innovation hotbed, but the combined enterprise value of Spanish startups hit €100 billion last year,...

by Nicholas Alan Clayton on 2024-06-10 at 8:08pm

Centurion Acquisition Corp announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ALFUU”, Tuesday, June 11, 2024. The new SPAC aims to combine with a technology company with a focus on video gaming, interactive entertainment and enabling services and technologies, cybersecurity, artificial...

by Nicholas Alan Clayton on 2024-06-10 at 3:36pm

Rising Dragon Acquisition Corp (NASDAQ:RDACU) has filed for a $50 million SPAC to hunt for a small cap target in cutting age technology. The SPAC’s units are to be funded to 100% at $10 per unit while including no warrants. Each unit would have a 1/10 right, however, which has been overall not an uncommon...

by Nicholas Alan Clayton on 2024-06-10 at 11:48am

Bayview (NASDAQ:BAYA) has entered into a definitive agreement to combine with Chinese fintech Oabay at an enterprise value of $393 million. Oabay provides cloud-based software to help companies optimize their supply chains with trade credit solutions. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024. Transaction...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved