Power & Digital Infrastructure Acquisition II in an 8-K filed today said it and merger partner Montana Technologies agreed to reduce the aggregate transaction proceeds condition from $85 million to $50 million.
The parties last week added a $5 million PIPE to the financing package.
Announced last June, the deal is expected to provide approximately $421.9 million, which assumes no redemptions. The deal also includes up to $200 million in earn-out shares based on certain performance metrics post-merger.
Montana Technologies’ signature offering is AirJoule, a renewable energy and cooling technology. Read more.
