RMG Acquisition II stockholders voted in favor of the proposed business combination with ReNew Power Private. The combined company is valued at $8 billion.
Approximately 88% of the votes were in favor of the merger, the SPAC said in a press release. In an 8-K filing, the SPAC disclosed that 23,613,034 shares were redeemed ahead of the vote. The SPAC raised about $308 million in a December IPO.
Announced in February, terms call for gross cash proceeds of approximately $1.2 billion, including an $855 million PIPE.
RMG II expects to close the business combination Aug. 23. Read more.