ESGEN Acquisition said today’s shareholder meeting is postponed until Oct. 20 at 11 a.m. Eastern, when an extension vote is scheduled. The SPAC wants to push its merger deadline from Oct. 22 up to July 22, 2024.
The redemption deadline has been moved to Oct. 18 at 5 p.m.
If approved, the SPAC’s sponsor would deposit the lesser of $35,000 or (1.75 cents a share into trust for each month required.
ESGEN announced a merger agreement in April with Sunergy Renewables at a pro forma implied enterprise value of $475 million. If approved, the solar energy company would list on the Nasdaq.
ESGEN’s sponsor Energy Spectrum Partners, has committed to a common stock PIPE investment of $10 million at $10 per share. Assuming no redemptions, the transaction is currently expected to provide gross proceeds of up to $65 million to the combined company, comprised of up to $30 million from ESGEN’s trust account and $35 million from PIPE investments and other potential financing anticipated to be executed prior to the closing.
Founded in 2005 and headquartered in New Port Richey, Florida, Sunergy provides photovoltaic solar and battery-based power as well as storage systems for residential consumers.
ESGEN raised $240 million in an October 2021 IPO. Read more.
