Germany-based the SCHMID Group and Pegasus Digital Mobility Acquisition today announced a definitive business combination agreement at a $640 million enterprise value.
If approved, the SCHMID Group would list on the NYSE. The deal is expected to close in the fourth quarter.
No financial terms were disclosed in the press release announcing the deal.
The SPAC said last month that redemptions totaling 15,300,927 shares removed more than $160 million from the trust, leaving just over $75 million ahead of an extension vote. Pegasus is now facing a July 26 deadline.
Pegasus Digital raised $200 million in an October 2021 IPO.
The target is a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries. Founded in 1864 and headquartered in Freudenstadt, the SCHMID Group maintains manufacturing and sales/service locations in China, South Korea, Malaysia, Taiwan, and the U.S. The Group’s more than 800 employees worldwide include a team of scientists, developers and engineers with expertise in production solutions for high-volume manufacturing. Read more.
