Global Partner II’s sponsor converted 7.4 million Class B ordinary shares into Class A shares on a one-for-one basis, according to an 8-K filed today. The sponsor waived any right to receive funds from the trust with respect to the converted shares.
Global Partner II has a merger agreement with Stardust Power, a development stage US manufacturer of battery-grade lithium products. The deal was announced in November at a pro forma implied enterprise value of $490 million for the combined company.
Financing consists of a $100 million PIPE and the SPAC’s remaining cash in trust. The PIPE investors would control 17.2% of the combined company if the deal is approved, with Stardust shareholders owning 77.6% and the SPAC’s sponsor holding the remaining 5.2%. The implied pre-money market capitaliztion of $450 million consists of Stardust Power rollover equity.
If approved, Stardust Power would list on the Nasdaq under new ticker symbol SDST.
A deadline extension approved last year led to redemptions that removed about $265 million in the SPAC’s trust, or close to 87%. At the same time, Global Partner II switched sponsor control under a plan in which Endurance Global Partner II was to loan the sponsor up to $3 million in cash. The SPAC’s sponsor would then issue an unspecificed amount of equity securities to Endurance. As part of that agreement, control of the sponsor was transferred to affiliates of Antarctica Capital Partners.
Following the conversion, the company has a total of 9,194,585 Class A shares and 100,000 Class B shares outstanding. Read more.
