TPB Acquisition I announced that its shareholders approved the business combination with Lavoro Limited, an agricultural inputs retailer based in Brazil.
The merger is expected to close Feb. 27. Stock and warrants are expected to begin trading Feb. 28 on the Nasdaq under new ticker symbols LVRO and LVROW.
TPB redemptions reached nearly 15 million shares, the SPAC disclosed in an 8-K filing following the vote announcement. That erased about 83% of the SPAC’s trust, although TPB earlier this week said it had signed a forward purchase agreement with investors for an unspecified number of shares and may seek additional FPAs as the deal moves toward closing.
At deal announcement in September, the transaction was expected to be funded by up to $180 million from cash in the SPAC’s trust and $100 million that TPB intended to raise through a PIPE at $10 per share. At that time., the deal had an implied initial enterprise value of approximately $1.2 billion. Read more.
