SPACInsider Logo
ECP Environmental Growth Opportunities Corp. (ENNV) Shareholders Approve Fast Radius Deal
by Marlena Haddad on 2022-02-04 at 9:16am

ECP Environmental Growth Opportunities (NASDAQ:ENNV) announced this morning that its shareholders have approved its combination with digital supply chain firm Fast Radius in a special meeting held on Wednesday.

The parties disclosed that holders of 31,512,573 shares, par value $0.0001 per share, of ENNV exercised their right to redeem for cash at a redemption price of approximately $10.01 per share for an aggregate redemption amount of approximately $315.4 million. This left the SPAC with just 2,987,427 shares, removing 91.341% of its trust. As a result, the minimum cash condition of $175 million was not satisfied and Fast Radius had to waive the condition in order to close the deal.

ECP announced on Tuesday that it had adjourned the January 31 special meeting convened for its completion vote until Wednesday, February 2, while altering the terms of the Fast Radius deal.

The deal chopped Fast Radius’ price by 25% from $1 billion to $750 million. Of the 75,000,000 shares now set to be issued, 10,000,000 are still to be set aside for the company earnout.

Nonetheless, the transaction is now completed and the combined company’s stock and public warrants are expected to begin trading on Monday, February 7, on Nasdaq under the ticker symbols “FSRD” and “FSRD.WS,” respectively. The combined company has been renamed “Fast Radius, Inc.” and will be led by Fast Radius’ existing management team.

ECP originally announced its deal with Fast Radius last year on July 19. Chicago-based Fast Radius provides on-demand manufacturing through micro-factories connected to a cloud-based software system.


  • Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as co-financial and co-capital market advisors to Fast Radius, Inc.
  • DLA Piper LLP (US) is serving as legal counsel to Fast Radius, Inc.
  • Barclays Capital Inc. and Morgan Stanley & Co. LLC are serving as financial and capital markets advisors to ENNV
  • Latham & Watkins LLP is serving as legal counsel to ENNV.
  • Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are serving as co-placement agents on the PIPE.
Recent Posts
by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

by Marlena Haddad on 2023-01-26 at 5:32pm

Seaport Calibre Materials Acquisition Corp. (Nasdaq: SCMA) announced this afternoon that it is pushing today’s special meeting back until January 31. The SPAC is currently facing a completion deadline of February 1, but is looking to extend its timeline by an additional six months to August 1. Stockholders may elect to redeem their shares for a pro rata...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved