Twin Ridge (TRCA) Shareholders Approve Carbon Revolution Deal
by Marlena Haddad on 2023-10-13 at 5:52pm

Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) announced that its shareholders approved its combination with automotive wheel-maker Carbon Revolution (ASX:CBR) at a special meeting held yesterday.

Holders of 10,445,986 ordinary shares were present at yesterday’s meeting, representing approximately 90.09% of the voting power of Twin Ridge’s ordinary shares, and constituting a quorum.

In connection with the deal, holders of 6,215,862 of Twin Ridge’s outstanding Class A ordinary shares, or approximately 99.19% of the shares with redemption rights, exercised their right to redeem their shares for cash at approximately $10.73 per share, for an aggregate redemption amount of approximately $66,685,332.
However, the SPAC is allowing shareholders to reverse their redemption requests up until the business day prior to the completion of the deal, which is still undisclosed.
The two sides initially announced their $270 million combination in November 2022. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry.
Last month, the parties added $110 million in financing for the deal intended to fund the company’s factory build-out and expenses associated with its near-term strategic expansion plan.
Recent Posts
by Nicholas Alan Clayton on 2024-02-26 at 1:45pm

News and Rumors PR: Medtech firm Agiliti (NYSE:AGTI) has agreed to be acquired by an affiliate of private equity firm Thomas H. Lee Partners (THL) at $10 per share and an enterprise value of $2.5 billion. This represents a 43% premium over the company’s 90-day VWAP and returns it to 100% ownership by THL five...

by Nicholas Alan Clayton on 2024-02-26 at 7:42am

At the SPAC of Dawn The last week of February is to host a moderate amount of SPAC votes and also the potential for some market-moving data releases. Shareholders for five SPACs are to consider extensions this week and seven more SPACs have scheduled completion votes. But, among the more interesting events on the agenda...

by Kristi Marvin on 2024-02-24 at 11:45am

Terms Tracker for the Week Ending February 23, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, new issuance filings were quiet this week.  But, deal announcements were surprisingly active.  Four more SPACs announced combinations in a shortened holiday week...

by Nicholas Alan Clayton on 2024-02-23 at 2:26pm

Pyrophyte (NYSE:PHYT) faced a major regulatory setback for its combination with mining firm Sio Silica this week, but a recent analogous SPAC deal could provide some encouragement for a path forward. Sio Silica is working to develop a high-grade silica mine in the Vivian Sands outside Winnipeg, Canada and it inked the $708 million combination...

by Nicholas Alan Clayton on 2024-02-23 at 1:37pm

News and Rumors JD Supra: Securities class action lawsuits against SPACs and de-SPACs increased only slightly in 2023 with 27 after 2022 saw 24 and 2021 – 33. Lawsuits concerning the de-SPACing process itself dropped precipitously, however, representing just 21% of cases as compared to 69% in the previous two years and 80% in 2020....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved