Freedom Acquisition I today announced that its shareholders voted to approve the business combination with Complete Solaria at a meeting yesterday.
Votes representing over 76.9% of the issued and outstanding ordinary shares of Freedom were cast in favor of the deal, the SPAC said.
Freedom had about $114 million in trust heading into the vote (after redemptions eroded the $345 million raised in a March 2021 ipo). No word yet if there were any further redemptions ahead of the vote.
The deal requires a $100 million minimum cash condition to close. The SPAC also secured interim bridge financing of $40 million.
Freedom 1 last month hacked the deal valuation in half, to $225 million from the initial $450 million, “in recognition that public solar company valuations have decreased since the initial announcement of the proposed business combination in October 2022.”
Complete Solaria offers solar technology services and installation. Read more.