AltEnergy Acquisition in a proxy filing called an April 2 meeting for shareholders to consider a deadline extension that would give the SPAC until May 2025 to complete a deal. The initial extension, if approved, would run to Nov. 2, after which the SPAC’s board could opt to extend on a monthly basis without another shareholder vote.
AltEnergy holds just over $17.7 million in trust, according to the filing.
The SPAC last month announced a merger agreement with Car Tech, a U.S. stamped auto-body parts manufacturer and subsidiary of Korean supplier, Shinyoung Co.
Terms call for an aggregate merger consideration of $80 million minus any shortfall in AltEnergy’s obligation to source at least $50 million in a private placement to be completed immediately prior to the merger, plus an additional $40 million in earnout shares.
AltEnergy originally raised $230 million in a November 2021 IPO to focus on companies engaged in clean and renewable energy. Read more.
