Empower today announced that the SEC has declared effective its registration statement and proxy outlining the SPAC’s proposed merger with Holley Intermediate Holdings, a maker of car and truck products for automotive enthusiasts. The deal is valued at $1.55 billion.
A July 14 meeting date is set for shareholders to vote on the transaction.
Estimated cash proceeds from the transaction are expected to consist of Empower’s $250 million in trust, plus a $50 million forward purchase agreement from MidOcean Fund V. In addition, investors led by Wells Capital Management and Wasatch Global Investors have committed to invest $240 million in a PIPE.
If approved, Holley common stock and warrants are expected to trade on the NYSE under HLLY. Read more.
