Zero Nox, a provider of sustainable, off-highway vehicle electrification, today announced plans to merge with Growth for Good Acquisition at an implied $306 million enterprise value. If approved, upon closing ZeroNox is expected to trade on the Nasdaq under the ticker symbol ZNOX.
Assuming no SPAC stockholders redeem their shares, ZeroNox’s existing shareholders are expected to own approximatelty 40% of the pro forma company at close. As of today, Growth for Good holds $253 million in trust from its December 2021 IPO. A press relase announcing the deal made no mention of any other financing.
California-based ZeroNox is engaged in the electrification of off-highway commercial and industrial vehicles, with LFP batteries and an electric powertrain that the company says is cleaner, high performing, and cost effective.
Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel to Growth for Good. Loeb & Loeb is legal counsel to ZeroNox, and Chardan Capital Markets is lead financial advisor. Read more.
