An investor presentation on the proposed merger of Complete Solaria and Freedom I Acquisition was filed today with the SEC.
The target is a solar technology, services and financing company. The merger agreement was announced last October at an implied $553 million pro forma enterprise value.
If approved, Complete Solaria would list on the New York Stock Exchange under new ticker symbol CSLR.
The transaction is expected to provide gross proceeds of $376 million, minus any redemptions and payment of expenses, which includes $346 million of cash held in Freedom’s trust account and promissory notes from certain investors. T.J. Rodgers and sponsor shareholders of Freedom Tidjane Thiam, Edward Zeng and Adam Gishen have entered into a binding agreement to purchase $7 million of convertible promissory notes.
In addition, the potential exists for up to $23 million from additional investors prior to the closing of the combination. All Complete Solaria shareholders will roll 100% of their equity holdings into the new combined company. Read more.
