European Sustainable Growth Acquisition shareholders voted in favor of combining with ADS-TEC Energy, the SPAC disclosed in an 8-K filing.
Approximately 66.12% of the SPAC’s ordinary shares were tendered for redemption, according to the filing.
The SPAC raised $125 million in a January IPO and has since secured PIPE commitments totaling $156 million.
One of the closing conditions is that the available cash in EUSG’s trust account at the closing, together with proceeds from the PIPE Financing, is not less than $150 million, so it appears the SPAC has met that minimum threshold to seal the deal.
ADS-TEC Energy develops battery-buffered ultrafast charging technology. Read more.
