Peridot Acquisition set a shareholder vote for Aug. 5 on the proposed merger with battery company Li-Cycle. The pro forma equity value of the combined company is approximately $1.67 billion.
Li-Cycle’s F-4 registration statement has been declared effective by the SEC, the SPAC added.
Announced in February, Li-Cycle is expected to receive approximately $615 million in gross proceeds on the deal, while 100 percent of Li-Cycle’s existing shares will roll into the combined company.
The transaction includes a fully committed, upsized $315 million PIPE from investors that include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital, as well as Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investor Moore Strategic Ventures and global marketing and strategic off-take partner Traxys. Read more.
