Spartan Acquisition III stockholders approved the proposed business combination with pan-European EV charging network Allego Holding B.V. As announced in July, the transaction values Allego at a pro forma equity value of approximately $3.14 billion.
Spartan III in a news release said 94% of the voted shares were in favor of the deal, with 74% of total outstanding shares participating in the vote.
Following the closing, which is expected by next week, Allego’s ordinary shares and warrants will trade on the New York Stock Exchange under ticker symbols ALLG and ALLG.WS.
The news release did not mention share redemptions, if any, and the SPAC by mid-afternoon today had not filed an 8-K outlining details of the vote. However, shares of Spartan III traded at or close to its trust value up through last Friday’s redemption deadline, suggesting any redemptions were likely minimal.
The combined company is expected to receive approximately $702 million of gross proceeds from a combination of a fully committed common stock PIPE offering of $150 million along with approximately $552 million of cash held in trust, which assumes no redemptions. Read more.
