Jupiter Wellness Acquisition announced the completion of its business combination with China-based ev maker Chijet. Shares in the combined company began trading today on the Nasdaq under ticker symbol CJET.
The SPAC's shareholders approved the deal a month ago. There has still been no mention of redemptions, if any, nor the final amount Chijet would receive at closing. There was a $10 million cash and cash equivalents condition to close the transaction.
Jupiter Wellness before the merger vote had secured a non-redemption agreement covering 530,000 shares, more than half of which are held by the SPAC's sponsor, according to a filing. There was no PIPE or other financing to supplement the SPAC's cash in trust.
The SPAC raised $138 million in a December 2021 IPO.
Jupiter Wellness was not the first SPAC to attempt taking Chijet public.
Jupiter's deal announcement in October came less than a month after Deep Medicine Acquisition, called off a merger with the EV maker within two months of announcing a deal. That deal was valued at $2.6 billion when announced last July. No reason was given for the termination, although Deep Medicine had twice extended the time period for its due diligence on Chijet. Read more.
Source: Chijet and Jupiter Wellness Acquisition Close Business Combination