Global Partner Acquisition II filed a proxy outlinging its merger agreement with Stardust Power, a lithium battery producer.
Terms call for the SPAC to issue 61,488,964 shares and 12,276,172 warrants to Stardust shareholders.
A deadline extension approved last year led to redemptions that removed about $265 million from 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 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.
The SPAC’s CEO, Chandra R. Patel, is the founder of Antarctica Capital and has served as the managing partner of Antarctica Capital since 2010.
Global Partner II initially announced plans last September to liquidate, then reversed course less than three weeks later, announcing a letter of intent with an unnamed target, which turned out to be Stardust Power.
Stardust Power’s strategy is to become a leading domestic producer of battery grade lithium products. Read more.
