Spectaire and Perception Capital II today announced they have closed their merger.
Spectaire stock and warrants begin trading Oct. 20 on the Nasdaq under the ticker symbols SPEC and SPECW. The deal was approved by Perception shareholders Oct. 13.
Spectaire is a solutions provider for customers to monitor, track and meet emissions targets via a patented micro-mass-spectrometer device.
As announced in January, the deal valued Spectaire at a pro forma enterprise valuation of approximately $203 million. Since its IPO almost two years ago, Perception II had lost about 89% of its original 23 million shares to redemptions.
The transaction had no minimum cash condition to close. Prior to signing the merger agreement, Perception II entered into a forward purchase agreement with Meteora Capital for the full amount of the remaining cash in trust. That forward purchase agreement for an OTC equity prepaid forward transaction calls for the purchase of up to approximately 2.5 million Class A shares from additional holders who might have elected to redeem. Read more.
