First Reserve Sustainable Growth in an 8-K filing said it has amended its merger agreement with Suffolk, UK-based Juuce Limited, which does business as EO Charging.
The amended agreement allows Juuce and EO to seek additional financing opportunities for the business while the SPAC merger is pending.
EO designs and manufacures fleet EV charging stations and management software.
If approved, upon closing EO Charging would be listed on the Nasdaq under EOC with a pro-forma enterprise value of $675 million.
Announced last August, the transaction is expected to provide $222 million in gross proceeds assuming no redemptions by the SPAC’s stockholders. Total proceeds include over $150 million to fund EO’s growth plans, retire outstanding indebtedness, and for transaction fees and expenses, with the remainder paid as cash consideration to existing shareholders, in addition to the equity in the combined company to be received by existing shareholders. Read more.
