Nubia Brand Acquisition said a shareholder meeting originally scheduled for Friday has been moved to Dec. 5 at 9 a.m. Eastern, when a vote is expected on the SPAC proposed merger with Honeycomb Battery.
The redemption deadlines has been extended to DEc. 1 at 5 p.m. Eastern.
At deal announcement in February, terms called for Nubia to issue 70 million shares of its common stock to Honeycomb investors, plus contingent earnout payments of up to 22.5 million shares if certain stock price targets are met.
Honeycomb Battery is a subsidiary of Global Graphene Group. The target is focused on the development and commercialization of battery materials, components, cells and module/pack technologies.
Assuming no redemptions by Nubia public stockholders, upon closing the combined entity could have as much as $118 million in net cash (after expenses) from the Nubia trust.
Nubia raised $110 million in a March 2022 IPO with initial plans to focus on wireless telecommunications companies. Read more.
