Sustainable Opportunities Acquisition shareholders voted in favor of the SPAC’s merger with DeepGreen Metals, an explorer of lower-impact battery metals from seafloor polymetallic nodules. DeepGreen securityholders approved the deal in June.
DeepGreen expects to receive approximately $137.3 million in cash prior to transaction fees, including approximately $27.2 million from the SPAC’s trust after accounting for redemptions.
The SPAC did not list redemption figures in the press release or an 8-K filing today, although redemptions must have been substantial to leave only $27.2 million in trust after the SPAC raised $300 million in a May 2020 IPO.
The SPAC had entered PIPE agreements with a number of strategic and institutional investors for $330.3 million, however, only $110.1 million has been received to date, the SPaC said.
The SPAC said it intends to continue to seek to enforce the funding obligations of the non-performing investors under the subscription agreements, but there can be no assurances that it will be successful. DeepGreen intends to waive the minimum cash requirement of $250 million. Read more.
