Decarbonization Plus Acquisition II announced that its stockholders voted in favor of the business combination with Tritium Holdings, an Australia-based EV charging company.
Redemptions ahead of the vote erased $349.3 million from the SPAC’s trust, according to an 8-K filing. The SPAC raised $350 million in a March 2021 IPO.
Tritium yesterday said it had agreed to waive the minimum $200 million cash condition for closing the deal. The transaction is now expected to put $120 million on the company’s balance sheet.
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.
