German EV maker Next.e.GO Mobile and Athena Consumer Acquisition today announced a definitive agreement for a merger with a pro forma implied enterprise value of $913 million.
If approved, e.GO would list on the NYSE.
The transaction is expected to provide gross proceeds of up to approximately $285 million to e.GO, including up to $235 million from Athena’s trust account, assuming no redemptions and up to $50 million in intended debt financing.
Up to $150 million is expected to be available under a standby equity purchase agreement. The SPAC has a letter of intent with Yorkville Advisors Global for this standby equity.
All existing e.GO investors have agreed to roll their equity into the combined company.
In 2018, e.GO constructed its first MicroFactory in Aachen, Germany, and developed a battery electric vehicle platform. The company began vehicle production in the second half of 2021.
To date, e.GO has put over 1,000 of its vehicles on the road and is currently working to expand its geographic reach and production footprint. The company’s second MicroFactory in Southeast Europe is expected to start construction before the end of this year. Each MicroFactory is capable of producing approximately 30,000 cars per year in a three-shift setting. Read more.
