Ivanhoe Capital Acquisition in a filing said it had enterted into another PIPE agreement for an additional 7.5 million shares at $10 each. The $75 million adds to the previously announced $200 million PIPE in support of the SPAC’s acquisition of EV lithum battery maker SES.
The transaction values the combined company at a pro forma implied equity value of approximately $3.6 billion (inclusive of a $300 million earn-out). At the time the deal was announced in July, the companies expected gross proceeds of $476 million (assuming no redemptions by Ivanhoe shareholders).
A shareholder vote date has not been published, but a vote is still expected to occur before the end of the year. Read more.
