The founder of a British electric vehicle charging company which counts Amazon among its customers has seen his ambition of taking it public in a $675 million merger disrupted by volatile global stock markets.
Sky News reports that EO Charging, which agreed to a deal last summer, has yet to agree on an extension to a merger agreement that expired last Friday with First Reserve Sustainable Growth.
Market sources said the absence of an announcement confirming a new deadline to close the deal implied that it was in trouble. There have been no regulatory filings by the SPAC related to the merger in nearly two weeks.
The transaction is expected to provide $222 million in gross proceeds, while giving EO charging a valuation of $675 million.
EO Charging was founded by Charlie Jardine in a former pig shed in Suffolk, UK. Read more.
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