Global Graphene Group’s Honeycomb Battery Merging with SPAC Nubia Brand Int’l in $700M Deal 

Honeycomb Battery, a subsidiary of Global Graphene Group, and Nubia Brand International today announced a definitive agreement that would result in Honeybcomb listing on the .

Assuming no redemptions by Nubia public stockholders, upon closing, the combined entity could have access to as much as $118 million in net cash (after paying transaction expenses) from the Nubia trust.

Honeycomb is focused on the development and commercialization of battery materials, components, cells, and selected module/pack technologies,  

Terms call for Nubia to issue 70 million shares of its common stock (current valuation of $700 million) to Honeycomb , plus contingent earnout payments of up to 22.5 million shares of common stock (current valuation of $225.0 million) if certain stock price targets are met.

The agreement also contains covenants covering non-solicitation of alternative acquisition proposals. The proposed business combination is expected to close in the second quarter.

Nubia raised $110 million in an IPO almost a year ago, with initial plans to focus on wireless telecommunications companies. Read more.

Source: Global Graphene Group's Honeycomb Battery Merging with SPAC Nubia Brand Int'l in 0M Deal