Energem in an 8-K today said it has adjusted its deal with GraphJet so that 84% of the SPAC sponsor’s promote shares will be released from trading restrictions six months after the merger closes, but may be unlocked sooner if the stock hits $18. The remaining promote shares would be locked for nine months.
Other participants in the business combination would also be subject to a nine-month lockup.
Energem in January announced a definitive $200 million standby equity purchase agreement with YA II PN, a partnership managed by Yorkville Advisors Global.
Graphjet Technology is a Malaysian company that produces green, low-cost graphene, graphite and graphene-based materials.
The deal was announced in August 2022. Read more.
