ECP Environmental Growth Opportunities and supply chain tech firm Fast Radius amended their merger agreement to reduce the base purchase price from $1 billion to $750 million, according to a news release.
The SPAC also adjourned the shareholder meeting to vote on the deal until tomorrow, Feb. 2.
As a result of the amendment, ENNV will issue up to 75 million newly issued shares of Class A Common Stock, up to 65 million shares of which will be issued or subject to ENNV awards at the closing of the business combination and 10 million shares issuable upon the attainment of certain performance thresholds.
The deal was valued at $1.4 billion when announced in July. Read more.
