Athena Consumer Acquisition in an 8-K said shareholders approved combing with German EV maker e.GO. The SPAC said 9,962,309 shares were voted in favor of the deal, with zero opposition.
A total of 884,880 shares of Athena stock were redeemed, according to the filing.
The transaction was originally expected to provide gross proceeds of up to approximately $285 million to e.GO. That was before redemptions ahead of six deadline extensions began to erode the cash in trust.
The deal was announced in July 2022 at a pro forma implied enterprise value of $913 million. Since then, the SPAC has lost 99.6% of its trust on multiple deadline extensions.
Athena said closing conditions must still be satisfied before e.Go can begin trading on the Nasdaq under EGOX. Read more.
