TPG Pace Beneficial Finance in an 8-K filing said “significant uncertainty exists” over whether it will close a planned merger with electric vehicle smart-charger EVBox.
The SPAC said in the filing it was recently informed that the completion of the audited financial statements of EVBox Group for the year ended Dec. 31, which would be required to be filed on Form F-4 relating to the business combination, “will take significantly longer than previously anticipated.”
TPGY stock plunged on the news, down more than 15 percent this morning in pre-market trading.
The SPAC now expects that certain material conditions to closing, including among others, the effectiveness of the Registration Statement and the approval of the merger by its stockholders, will not be met as of the June 8 deadline.
Announced in December, the business combination values EVBox at an implied $969 million enterprise value, and a total pro-forma equity value of approximately $1.4 billion. Read more.
