Twin Ridge Capital in an 8-K said it and merger partner Carbon Revolution amended the merger ratios, subject to the order of the Federal Court of Australia, to reduce the total number of shares to be issued in the business combination on a one share per ten share basis.
Twin Ridge also amended a standby equity agreement with YA II PN, Ltd. to reflect a reduction of the commitment fee payable to Yorkville from 15,000 shares to 1,500 shares.
Carbon Revolution last month 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.
The target is a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels. The $460 million deal was announced last November. Read more.
