Battery Future Acquisition today in an 8-K said it signed a non-redemption agreement with Camel Bay, a significant shareholder, as well as several unaffiliated third-party shareholders who collectively agree to not redeem 2,050,000 Class A shares ahead of an upcoming extension vote.
The SPAC wants to stretch its completion deadline to June 17, 2025.
In return, the SPAC’s sponsor would transfer 512,500 Class B shares for the first nine months of the extension period and 51,250 additional founder shares for each subsequent month needed during the extension period.
The SPAC yesterday announced a merger agreement with Class Over, a provider of educational technology solutions and online live educational courses. The deal has an enterprise value of approximately $135 million. If approved, the new company would trade on the New York Stock Exchange.
Battery Future since its $300 million IPO in 2021 was initially focused on industries spearheading the shift from fossil fuels to electrification, including companies in the battery value chain. Read more.
