10X Capital Venture Acquisition shareholders voted in favor of the merger with EV technology startup REE Automotive, the SPAC said in an 8-K filing.
The pro forma equity value of the merger is approximately $3.6 billion.
There was no mention of redemptios, if any, in the filing. The SPAC had been trading just below $10 for most of the month, well before and up to the July 16 redemption deadline.
Announced in February, the transaction is expected to provide REE more than $500 million of gross proceeds. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. Read more.
