AltEnergy Acquisition in a regulatory filing said shareholders voted in favor of extending the SPAC’s deadline to Nov. 2.
Stockholders redeemed 839,332 Class A shares, which removed just over $9.5 million from the trust. AltEnergy held just over $17.7 million in trust ahead of the vote, according to a proxy filing.
The SPAC in February 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.
