Artius Acquisition in an 8-K filing said it has set a June 23 meeting for shareholders to vote on the proposed merger with carbon-negative alternative plastics manufacturer Origin Materials.
The SEC has declared the proxy and registration statement effective.
Terms call for Origin to receive $925 million in cash and stock.
The transaction is comprised of Artius’ $725 million of cash held in trust, assuming no redemptions, and an oversubscribed $200 million fully committed PIPE at $10 per share, including investments from Danone, Nestlé, PepsiCo, Mitsubishi Gas Chemical and AECI, as well as certain funds and accounts managed by Sylebra Capital, Senator Investment Group, Electron Capital Partners, BNP Paribas AM Energy Transition Fund and affiliates of Apollo.
The transaction is subject to a minimum cash balance of $525 million in Artius at closing after giving effect to any shareholder redemptions.
Origin extracts chemicals from plants to manufacture an environmentally friendly material used as an alternative to plastic.
Pending shareholder approval, the deal is expected to close in the second quarterwhen the company would have an estimated equity value of approximately $1.8 billion and list on the Nasdaq under ORGN. Read more.
