TLG Acquisition One announced that its stockholders voted to approve merging with Electriq Power.
Over 98% of the votes cast were in favor of the deal, the SPAC said.
The merger is expected to close July 31. The company’s shares are expected to trade on the NYSE under the symbol ELIQ.
TLG estimates that the redemption price will be $10.63 per share.
Announced in November 2022, the deal had a valuation at that time of $620 million. TLG raised $400 million in a January 2021 IPO, but lost more than 80% of its trust to redemptions ahead of a December 2022 extension vote. That left about $80.4 million in trust.
The SPAC in a subsequent 8-K filing after the merger vote disclosed that, as of July 25, approximately 97.3% or 7,736,608 shares of the remaining Class A stock had had been tendered for redemption, erasing $82.2 million from the trust.
With written consent, TLG said it may accept reversals of elections to redeem shares prior to the deal closing.
TLG earlier this week announced a forward purchase agreement with Meteora, which has agreed to purchase up to 9.9% of the total shares of TLG outstanding following the closing of the Electriq deal, less the number of shares of TLG purchased separately from third parties through a broker in the open market.
The FPA further provides that $3 million will be paid by Meteora within one business day following the closing.
Founded in 2014 in Silicon Valley, Electriq is a provider of residential energy storage solutions. Read more.
