ESS and ACON S2 Acquisition Close Merger

Neither the regulatory filing nor the press release announcing the vote results made mention of redemptions, if any.

Redemptions ahead of the meeting totaled 741,613 shares. All told, more than 99% of shares have been cashed out since the SPAC’s $80 million IPO in July 2021. Chavant last week disclosed it had added a $16.5 million PIPE of stock and warrants sold to Sage Hill Investors in support of the Mobix deal. The SPAC's sponsor was also expected to buy nearly $2 million in stock to bolster the PIPE funding.

The SPAC's trust was depleted by more than $280 million on redemptions. However, GoGreen brought a $70 million PIPE to the deal, which also closed today and was more than enough to cover the $50 million minimum cash condition.

The transaction is expected to generate approximately $202.4 million, less than half the amount originally anticipated when the deal was announced last year.