ECP Environmental Growth Opportunities shareholders voted in favor of the merger with cloud manufacturing and digital supply chain company Fast Radius, which waived the minimum cash condition to close the deal.
Redemptions erased approximately $315.4 million from the SPAC’s trust account, according to the news release. That amounts to 91 percent of the SPAC’s trust, which was $345 million. The funding was supplemented by a $100 million fully-committed PIPE, including a $25 million forward purchase commitment from accounts managed by Goldman Sachs Asset Management. Additional participants in the PIPE include UPS, Palantir, ECP and other institutional investors.
Fast Radius shares and warrants are expected to begin trading Monday on the Nasdaq under the ticker symbols FSRD and FSRD.WS. Read more.
