Nubia Brand International announced today that it will not honor any requests for redemption reversals in connection with closing its business combination with Honeycomb Battery.
The parties earlier this week said they are still working to satisfy the closing conditions, including obtaining Nasdaq approval to list the post-combination company’s common stock. The SPAC’s shareholders approved the deal last month, although redemptions wiped out 99.4% of the public shares outstanding as of the Dec. 12 redemption deadline. That left 23,586 public shares outstanding.
Nubia has a March 15 deadline to get the deal across the finish line.
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.
