Athena Consumer Acquisition in an 8-K said its forward purchase agreement to support a proposed merger with German EV maker e.Go has been terminated.
Signed in October, Vellar Opportunity Fund SPV was to purchase up to 15 million shares. Vellar had further agreed to hold the shares in a bankruptcy remote special purpose vehicle for the benefit of e.GO.
The filing does not state why the FPA was terminated.
The merger, announced last July, is expected to provide gross proceeds of up to approximately $285 million to the e.Go, including up to $235 million from Athena’s trust account — which at that time assumed no redemptions — and up to $50 million in intended debt financing.
Howeve, Athena lost 91% of its shares to redemptions ahead of a January extension vote.
The SPAC has secured $15 million in bridge financing and still holds about $21.4 million in trust.
The e.Go deal includes a $50 million minimum cash condition to close. Read more.
