Twin Ridge Capital Acquisition announced that it plans to convene and then adjourn, without conducting any other business, its Sept. 26 shareholders meeting, which will reconvene Oct. 3 at 11:30 a.m. Eastern. As a result, the redemption deadline has been pushed back to Sept. 29 at 5 p.m. No reason was given for the delay.
Shareholders are expected to vote on the SPAC’s proposed combination with Carbon Revolution, a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels.
At announcement last November, the deal had an estimated post-transaction equity valuation of approximately $461 million, including about $214 million of cash held in TRCA’s trust account, assuming no redemptions.
Twin Ridge Capital raised $200 million in a March 2021 IPO.
Carbon Revolution last week entered into a structured equity facility for up to $110 million with Orion Infrastructure Capital, which is expected to provide significant new funding to advance the company’s growth strategy.
Orion is funding the equity facility in tranches, with $35 million up front.
As a result of the new structured equity facility, Carbon Revolution has agreed to revise the merger exchange ratio with Twin Ridge Capital Acquisition from 0.0877 shares per Carbon Revolution share to between 0.0640 and 0.0643 shares per Carbon Revolution share. The final ratio will depend on the redemption rate of the SPAC’s shares. Read more.
