Tritium this morning announced that it has signed a definitive agreement with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN) to complete a merger arrangement. The transaction will see Tritium merge into the special purpose acquisition vehicle at a valuation of $1.2 billion.
Tritium is a Brisbane-based developer and manufacturer of direct current fast chargers for electric vehicles that was originally founded in 2001. The company reportedly has seen high revenue growth over the last five years, however such growth was not substantial enough for the company to provide hard figures.
The transaction will see gross proceeds of approximately US$403 million to Tritium, with the assumption that there’s to be minimal redemption by DCRN’s common stockholders. Proceeds from the arrangement are to be used to fund operations and growthy for the company.
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In terms of leadership, the company is to be lead by former Boeing exevutive Jane Hunter, whom will take on the role of CEO, while co-founders James Kennedy and Dr David Finn will take on the role of Chief Tech Officer and Chief Growth Officer, respectively.
The combined entity is expected to trade under the symbol “DCFC” upon closing. A timeline for closing was not provided.
Decarbonization Plus Acquisition Corporation II last traded at $9.66 on the Nasdaq.
Information for this briefing was found via Sedar 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.
