Honeycomb Battery Company today announced the completion of its business combination with Nubia Brand International. The transaction was approved by Nubia’s stockholders on Dec. 14.
The combined company was renamed Solidion Technology. Solidion’s stock is expected to begin trading Feb. 5 on the Nasdaq Global under new ticker symbol STI.
Redemptions ahead of the SPAC’s merger vote wiped out 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 was a subsidiary of Global Graphene Group. The company is focused on the development and commercialization of battery materials, components, cells and module/pack technologies.
Arbor Lake Capital served as financial and capital markets advisor to Honeycomb. Benesch, Friedlander, Coplan & Aronoff is legal counsel to Honeycomb.
EF Hutton is serving as capital markets advisor to Nubia. Loeb & Loeb is legal counsel to Nubia. Read more.
