Ivanhoe Capital Acquisition announced its shareholders voted in favor of merging with SES, which develops and produces high-performance hybrid lithium-metal rechargeable batteries for electric vehicles and other applications. Heavy redemptions left $51.45 million in the SPAC’s trust, according to an 8-K filing, out of an initial $276 million.
Still, an expected upsized PIPE of $275 million plus the remaining cash in trust will far exceed the $200 million minium cash requirement to seal the deal.
The business combination is expected to close tomorrow, and the common stock and warrants of SES AI are expected to begin trading on the New York Stock Exchange on Feb. 4 under the new ticker symbols SES and SES WS.
Ivanhoe yesterday had pre-announced a successful deal, saying it had sufficient proxies before the formal vote to approve the merger. Read more.
