EV battery manufacturer Solid Power will merge with Decarbonization Plus Acquisition III, following shareholder approval for the $1.2 billion deal.
The SPAC in the filing said 210,171 shares were redeemed ahead of the vote — a negligible amount when more than 27.82 million shares were voted in support of the deal, according to an 8-K filing.
Solid Power counts Ford Motor Co. and BMW AG among its investors.
Solid Power stock and warrants are expected to trade on the Nasdaq under SLDP and SLDP WS.
Upon closing of the transaction and after accounting for redemptions, Solid Power is expected to have approximately $600 million in cash, including a $165 million fully committed PIPE anchored by Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates. Read more.
