Freedom Acquisition I lowered the valuation for its merger target Complete Solaria to $225 million from the initial $450 million. The move comes “in recognition that public solar company valuations have decreased since the initial announcement of the proposed business combination in October 2022,” the parties said in a statement. “Complete Solaria’s anchor investors and management team believe this provides an attractive entry point for investors.”
Complete Solaria offers leading solar technology, services and installation.
The company also announced it has received an additional $10 million in its interim bridge financing, bringing the total raised to $40 million. This capital raise is in support of Complete Solaria’s merger with the SPAC.
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.
