Nubia in a regulatory filing said it will push today’s shareholders meeting to Dec. 14 and extend the redemption deadline to 5 p.m. today.
The purpose of the postponement is to allow Nubia and merger partner Honeycomb additional time to satisfy certain closing conditions of their business combination. Nubia and Honeycomb will continue to work on closing the deal as soon as possible following its approval by the stockholders of each of Nubia and Honeycomb and the satisfaction or waiver of any applicable closing conditions, according to the filing.
A vote on the deal was originally scheduled in November, then twice postponed this month.
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. Read more.
