Battery Future Acquisition in an 8-K said it entered into a purchase agreement for its sponsor economics with Pala Investments, which will take control of the SPAC. Pala will buy 4,193,695 Class B shares.
The sponsor, Pala and Cantor Fitzgerald & Co. and Roth Capital Partners, the underwriters in the IPO, entered into surrender and cancellation agreements covering 16.3 million private placement warrants purchased by them at the time of the SPAC’s IPO. Additionally, lenders agreed to cancel their promissory notes totalling about $6.4 million.
The underwriters also agreed to waive any cash fees and expenses related to the SPAC’s December 2021 IPO.
Battery Future since its November 2021 IPO has been focused on industries spearheading the shift from fossil fuels to electrification, including companies in the battery value chain.
Following the resignations of the original management team, Weiyi Zheng was named CEO and Chairwoman. She is the senior vice president of First Cover, a New York-based risk, compliance, and corporate services provider. Since 2019, Zheng has served as chief marketing officer at Tigerless Health, a US direct-to-consumer Insurtech company.
The SPAC’s original chairman, Simon Michael Hay, led Galaxy Resources as CEO from July 2019 until its $3.1 billion merger with Orocobre in August 2021. Galaxy Resources was an established lithium producer in Western Australia. Read more.
