Growth for Good Acquisition announced that, in light of the amount of redemption requests it has received, the SPAC and merger partner ZeroNox have decided to terminate the merger agreement. The SPAC also announced it will liquidate.
Yesterday’s shareholder meeting was adjourned without a vote and the SPAC had planned to reconvene today. This was the seventh postponement since the initial meeting date Aug. 23.
The SPAC has not disclosed the redemption amount. Growth for Good raised $253 million in a December 2021 IPO.
The $306 million deal was announced in March.
The SPAC’s completion deadline was Thursday.
During the last week of August the SPAC raised a $5 million PIPE at $10 per share, which was the reason for delaying the first scheduled vote, the company said.
California-based ZeroNox is engaged in the electrification of off-highway commercial and industrial vehicles, with LFP batteries and an electric powertrain that the company says is cleaner, high performing, and cost effective. Read more.
