WaveTech Group and Welsbach Technology Metals Acquisition today announced a definitive merger agreement at a pro forma enterprise value of $228 million.
The SPAC’s trust currently contains approximately $78 million.
The transaction includes an earn-out provision that would allow qualified WaveTech stockholders to receive up to an additional 17.5 million shares if certain share price or financial targets are met: for 2023 ($12.50), 2024 ($15), by 2026 ($20 ) and by 2028 ($30) or, in the case of the 2023 and 2024 earn-outs, if certain revenue and EBITDARD targets are met. All financial targets are subject to adjustment in the event of acquisitions.
All WaveTech stockholders will contribute 100% of their equity holdings in WaveTech into the new combined company.
If approved, WaveTech would list on the Nasdaq under the proposed ticker symbol WTG.
WaveTech is a technology company specializing in next-generation battery-enhancing technologies.
Pryor Cashman is serving as legal advisor to WaveTech.
Chardan is serving as M&A and capital markets advisor to the SPAC. Cooley is legal advisor. Read more.
