Parabellum Acquisition shareholders approved a merger deadline extension from March 30 to Sept. 30, 2023, giving the SPaC additional time to complete its merger with EnOcean, which produces energy harvesting Internet-of-Things (“IoT”) devices and sensor-to-cloud solutions.
In return for the extension, the SPAC will arrange for the deposit of $185,000 into trust for each month required until the new deadline.
Announced last month, the business combination values EnOcean at an equity value of $120 million. The combined company will receive approximately $146.5 million from Parabellum’s trust account, assuming no redemptions, and up to $40 million in additional financing to be raised prior to closing.
EnOcean will continue to operate the business from its offices in Oberhaching, Germany. Read more.
Source: Parabellum Wins 6-Month Extension to Close EnOcean Deal