ClimateRock (NASDAQ: CLRC) announced that it notified former merger partner E.E.W. Eco Energy World that the SPAC has decided to terminate the business combination agreement announced in october 2022.
EEW is an independent global developer of utility scale solar photovoltaic projects.
At announcement, the deal had an equity value of $650 million.
Terms called for a stock swap in which EEW’s shareholders were to receive shares of the merged enterprise.
ClimateRock raised $79 million in a May 2022 IPO.
ClimateRock said it intends to seek alternative ways to complete an initial business combination. Read more.
