Carbon Revolution today announced that its business combination with Twin Ridge Capital Acquisition is now legally effective and quotation of Carbon Revolution shares on the Australian exchange was suspended from the close of trade today.
Carbon Revolution shares are expected to begin trading Oct. 30 on the Nasdaq under the ticker symbol CREV.
This follows Carbon Revolution shareholders approving the scheme of arrangement Oct. 15,and the Federal Court of Australia approving the scheme of arrangement Wednesday. Twin Ridge shareholders approved the business combination Oct. 12.
Carbon Revolution is a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels. The $460 million deal was announced last November.
Expected capital available to the combined company is $95 million, including $35 million of the up to $110 million structured equity facility with two fund vehicles associated with Orion Infrastructure Capital, and a $60 million committed equity facility. Release of the remaining $75 million under the structured equity facility is contingent on future growth milestones. Read more.
