Decarbonization Plus Acquisition said its stockholders voted to approve the business combination with Hyzon Motors, a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles. The pro forma implied enterprise value of the combined company is $2.1 billion.
Approximately 95% of the votes cast on the merger proposal were in favor of the deal, the SPAC said.
The merger is expected to close today. Hyzon Motors’ stock warrants are expected to begin trading July 19 on the Nasdaq under HYZN and HYZNW.
Announced in February, the transaction provides gross proceeds of up to approximately $626 million to the company, including a $400 million fully committed common stock PIPE at $10 per share, anchored by existing and new investors, including funds and accounts managed by BlackRock, the Federated Hermes Kaufmann Funds, Fidelity Management & Research, Wellington Management and Riverstone Energy.
Hyzon said 100 percent of its existing investors will roll their equity into the combined enterprise, with no secondary proceeds. Read more.
