Decarbonization Plus Acquisition II and Tritium Holdings, an Australia-basded EV charging company, today announced that Tritium and Hulk Merger Sub have waived the minimum cash condition required to be satisfied at the closing of the SPAC’s business combination.
The minimum cash condition would have required the amount of funds contained in DCRN’s trust account, less redemptions, fees and expenses, plus the amount of cash proceeds to the merged company from any private placements to be at least $200 million.
The SPAC made the announcement in a news release included in an 8-K filing.
The closing is expected tomorrow, Jan. 13, after which Tritium is expected to have a cash balance of approximately $120 million. The SPAC’s shareholders were expected to vote today on the deal, although by mid-afternoon it was unclear whether the vote had concluded. Decarbonization Plus Acquisition II had previously announced there were already sufficient votes to seal the deal.
After closing, Tritium expects to pursue additional financing in order to fund capital needs. The post-merger company also expects to receive backstop commitments of up to $45 million in shares priced at $6 each. Read more.
