Nubia Brand International announced that its stockholders voted in favor of combining with Honeycomb Battery Company. Of the votes cast, 70.4% were in favor of the deal.
Nubia announced earlier that redemptions of 3,896,031 shares amounted to 99.4% of the public shares outstanding as of the Dec. 12 redemption deadline. That leaves 23,586 public shares outstanding.
The conditions to closing have not yet been satisfied, the SPAC said. The parties are working together to expeditiously satisfy the closing conditions, including obtaining Nasdaq approval to list the post-combination company’s common stock.
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.
Nubia earlier this week said it signed a forward-purchase deal with Meteora Capital Partners, which agreed to buy up to 9.9% of the SPAC’s outstanding shares.
Additionally, a non-redemption agreement calls for the participating investors to hold 9.99% of the shares outstanding by the close of a business combination. In return, those investors would be paid an amount equal to the number of backstop shares times the redemption price, minus $4 a share. Read more.
