Growth for Good Acquisition said it raised a $5 million PIPE at $10 per share in support of its proposed merger with ZeroNox, a provider of sustainable, off-highway vehicle electrification.
The $306 million deal was announced in March.
investors in the PIPE include Kubota Corporation, Premier Trailer, and Formula-E racing team NIO 333.
Growth for Good said securing the PIPE was the reason it delayed the shareholders meeting from Aug. 23 to Aug. 28 at 10 Eastern.
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.