Global Partner Acquisition II in an 8-K said it has postponed a shareholder meeting to vote on the SPAC’s merger with Stardust Power from June 18 to June 25. The new redemption deadline is June 21 at 5 p.m. Eastern.
Stardust Power is a lithium battery producer. Deal terms call for the SPAC to issue 63,038,964 shares and 12,276,172 warrants to the target’s shareholders. The stock consideration is up from the previously announced 61,488,964 shares.
The transaction implies a $493 million pro forma enterprise value. An additional 5 million earnout shares would be available if financial targets are met.
A $50 million PIPE is expected to support the deal.
Stardust Power’s strategy is to become a leading domestic producer of battery grade lithium products.
A deadline extension approved by the SPAC’s shareholders last year led to redemptions that removed about $265 million from trust (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 was then expected to 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. Read more.
