More than three weeks after Athena Consumer Acquisition shareholders voted to approve merging with e.GO, the SPAC announced today that the deal has closed — three days before Athena’s Oct. 22 termination deadline.
There appears to have been some uncertainty about the closing, as Athena on Oct. 17 filed a proxy seeking a deadline extension, with a vote on that proposal scheduled for Oct. 20.
Shares of the German EV maker begin trading tomorrow on the Nasdaq under the ticker symbol EGOX.
The SPAC’s shareholders approved the deal Sept. 29. Although the vote to merge was unanimous, redemptions since the deal was announced in July 2022 had erased 99.6% of Athena’s cash in trust.
The transaction was originally expected to provide gross proceeds of up to approximately $285 million to e.GO when the deal was announced in July 2022. Although the deal initially had a minimum cash condition of $30 million to close, it appears that was waived.
The SPAC raised $200 million in an IPO two years ago. Read more.
