Nubia Brand Inernational in a proxy laid out terms of its proposed merger with Honeycomb Battery, a subsidiary of Global Graphene Group. Honeycomb is focused on the development and commercialization of battery materials, components, cells, and module/pack technologies.
A vote date has not yet been published.
Announced in February, terms call for Nubia to issue 70 million shares of its common stock (current valuation of $700 million) to Honeycomb investors, plus contingent earnout payments of up to 22.5 million shares of common stock (current valuation of $225.0 million) if certain stock price targets are met.
Assuming no redemptions by Nubia public stockholders, upon closing, the combined entity could have access to as much as $118 million in net cash (after paying transaction expenses) from the Nubia trust.
Nubia raised $110 million in a March 2022 IPO with initial plans to focus on wireless telecommunications companies. Read more.
