ACON S2 Acquisition in an 8-K filing disclosed that its shareholders voted in favor of the merger with battery manufacturer ESS Tech.
The SPAC noted that 20,779,960 Class A ordinary shares were redeemed, stripping nearly $208 million from the trust account. ACON S2 had raised $250 million in a September 2020 IPO.
The deal has support from a $250 million fully committed PIPE from institutional investors including Fidelity Management & Research Company, SB Energy Global Holdings Ltd, a wholly-owned subsidiary of SoftBank Group, Breakthrough Energy Ventures and BASF Venture Capital.
ACON S2 in the filing said the deal is still expected to close Friday.
ESS stock and warrants are expected to begin trading on the NYSE under GWH and GWH.W starting Oct. 11.
ESS Tech manufactures long-duration iron flow batteries for commercial and utility-scale energy storage applications. Read more.