Growth for Good Acquisition announced that, in light of the amount of redemption requests it has received, the SPAC and merger partner ZeroNox are in discussions about potnetially terminating the merger agreement.
Yesterday’s shareholder meeting was adjourned with a vote and the SPAC plans to reconvene today at 3 p.m. Eastern. This marks the seventh postponement since the initial meeting date Aug. 23.
The SPAC has not disclosed the redemption amount. Growth for Good raised $253 million in a December 2021 IPO.
The $306 million deal was announced in March.
The SPAC’s completion deadline is coming up Thursday.
During the last week of August the SPAC raised a $5 million PIPE at $10 per share, which was the reason for delaying the first scheduled vote, the company said.
California-based ZeroNox is engaged in the electrification of off-highway commercial and industrial vehicles, with LFP batteries and an electric powertrain that the company says is cleaner, high performing, and cost effective. Read more.
Source: Growth for Good Acquisition Reschedules ZeroNox Vote for 7th Time; May Call Off Deal