Battery Future Acquisition in an 8-K said it inteds to secure non-redemption agreements for a to-be-determined number of shares ahead of the SPAC’s shareholder meeting to vote on an extension. The SPAc wants to move its deadline to June 17, 2025.
In return for the NRAs, the SPAC would give those investors 100,000 Class B Shares for every 400,000 non-redeemed shares for the first nine months of the extension period and then 10,000 additional founder shares for each subsequent month needed during the extension period, up to 130,000 founder shares.
Battery Future since its $300 million IPO in 2021 has been focused on industries spearheading the shift from fossil fuels to electrification, including companies in the battery value chain.
As of April 30, the SPAC had 13,795,599 ordinary shares outstanding, including 5,170,599 outstanding public shares.
Battery Future in January sold its sponsor economics to Pala Investments, which took control of the SPAC. Pala bought 4,193,695 Class B shares. Read more.
