AP Acquisition in an 8-K included an investor presentation promoting its proposed merger with JEPLAN, a chemical recycling technology company.
Tokyo-based JEPLAN is engaged in chemically recycled PET technology.
As announced in June, terms call for gross transaction proceeds of up to approximately $180 million, assuming no redemptions by the SPAC’s shareholders. The combined company is expected to have a cash balance of about $123 million post-closing.
AP Acquisition in July secured a deed of non-redemption with Tokyo Century, which agreed not to redeem 500,000 shares ahead of the merger vote. The deal is also supported by a $5 milion PIPE. Read more.
