ADS-TEC Energy GmbH, which is engaged in battery-buffered ultrafast charging technology, filed a confidential draft registration statement on Form F-4 outlining its proposed business combination with European Sustainable Growth Acquisition.
The statement contains ADS-TEC Energy’s 2019 and 2020 financial statements.
If the SPAC’s stockholders approve, the business combination is expected to be completed in the fourth quarter. ADS-TEC Energy would list on the Nasdaq.
The SPAC raised $125 million in a January IPO and has since secured PIPE commitments totaling $156 million.
One of the closing conditions is that the available cash in EUSG’s trust account at the closing, together with proceeds from the PIPE Financing, is not less than $150 million. Read more.
