Complete Solaria completed its business combination with Freedom Acquisition I. Complete Solaria is a solar technology, services and installation company.
Stock and warrants began trading today on the Nasdaq under the symbols CSLR and CSLRW.
Freedom shareholders approved the deal last week, although nearly 99% redemptions compelled the SPAC to secure $80 million in new funding via a PIPE.
Freedom I had already taken hits on its trust following a $345 million IPO in March 2021.
To cover the payout on various additional financing arrangements, the sponsor of Freedom I gave up almost 70% of its stake in the SPAC. A forward-purchase agreement with Polar, which agreed to hold onto 331,753 Class A shares, cost the sponsor 331,753 Class B shares.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, was lead capital markets advisor to Freedom. Janney Montgomery Scott acted as capital markets advisor to Freedom. Cooley served as legal advisor to Complete Solaria. Paul Hastings served as legal advisor to Freedom. Duff and Phelps provided a fairness opinion to the Freedom board in connection with the business combination. Read more.
