Artius Acquisition said shareholders approved the SPAC’s business combination with Origin Materials .
The closing is expected to take place prior to market open June 25, when the combined company’s stock and warrants are expected to trade on the Nasdaq under ORGN and ORGNW.
Artius did not disclose redemption figures, if any, in the press release or 8-K filing that outlined the voting, which was overwhelmingly in favor of the deal. The SPAC earlier this month entered into a backstop agreement with affiliates of Apollo Capital Management, which will purchase up to 3 million Artius shares at $10 each.
Announced in February, terms for the acquisition of Origin Materials were for $925 million in cash and stock.
The transaction consists 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.
Origin Materials is a carbon-negative alternative plastics manufacturer. Read more.
