Electric vehicle charger manufacturer Tritium (Nasdaq: DCFC) is set to make its Nasdaq debut following a reverse merger with special purpose acquisition company Decarbonization Plus Acquisition Corporation II (DCRN). The deal, announced back in May 2021, was expected to put the combined company’s valuation at $1.2 billion.
“Our transaction with DCRN is transformative for the acceleration of electrification,” said Tritium CEO Jane Hunter. “We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry.”
The business combination saw 87% redemptions from the SPAC shareholders, estimated to be worth US$350 million.
The merger pushed through after narrowly securing the approval of DCRN’s shareholders, scoring 58% of the votes in favor of the arrangement.
The blank check firm closed its US$350 million initial public offering in February 2021, offering 35.0 million company units at US$10.00 per unit. The firm had said it planned to pursue a business combination that “may advance the objectives of global decarbonization.”
Hunter is expected to remain CEO of the resulting combined firm while DCRN’s chairman Robert Tichio will join the board serving as its chairman. The company is set to trade on the Nasdaq big board under symbols “DCFC” and “DCFCW” for its shares and warrants, respectively.
Information for this briefing was found via Edgar, Financial Review, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.