Nubia Brand International said today that the closing conditions on its already-approved merger with Honeycomb Battery have not yet been satisfied and the deal has not closed.
The parties are working together to satisfy the closing conditions, including obtaining Nasdaq approval to list the post-combination company’s common stock following the closing.
Nubia Brand has a March 15 deadline to get the deal across the finish line.
Of the votes cast at the shareholder meerting last month, 70.4% were in favor of the deal. Howevewr, 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 left 23,586 public shares outstanding.
At deal announcement last May, the combined entity was expected to have up to $118 million in net cash (after paying transaction expenses), although that was before redemptions nearly cleaned out Nubia’s trust account.
Nubia has a forward purchase arrangement with Meteora Capital Partners, which agreed to buy up to 9.9% of the SPAC’s outstanding shares.
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.
