Sparks Energy, a power infrastructure services firm engaged in power restoration management, entered into a merger agreement with 10X Capital Venture Acquisition III at a pro forma enterprise value of approximately $475 million, including a $50 million seller earnout.
If approved, the resulting holding company expects to list on the NYSE under the ticker SPKS. Electric power distribution recovery and restoration is Sparks’ core business.
A $50 million standby equity financing facility has been secured from YA II PN, LTD., an affiliate of Yorkville Advisors.
10X raised $261 million in a January IPO. The SPAC announced a LOI with Sparks earlier this month. Read more.
