Growth for Good today announced it filed a preliminary proxy and registration statement outlining its proposed merger with ZeroNox, a provider of sustainable, off-highway vehicle electrification.
Announced last month, the deal has 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, ZeroNox’s existing shareholders are expected to own approximatelty 40% of the pro forma company at close. At deal announcement, Growth for Good held $253 million in trust from its December 2021 IPO.
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.
