CITIC Capital Acquisition said it secured a $125 million capital commitment from Global Emerging Markets Group, a Luxembourg-based private alternative investment group, to support the SPAC’s pending merger with Quanergy. The deal values the combined companies at $1.1 billion.
Under the agreement, GEM will provide a share subscription facility of up to $125 million for a 36-month term following the completion of the planned business combination.
If shareholders approve the deal, Quanergy Systems is expected to list on the NYSE under ticker symbol QNGY. The transaction is expected to close in the first quarter of 2022.
A shareholder vote was delayed last month, the SPAC announced, so the parties would have more time to respond to SEC questions about the deal.
Quanergy designs LiDAR solutions for automotive and IoT applications. Read more.
