SPAC Merger

Terms at deal announcement originallyt called for ANEW to receive up to $60 million in stock, although that was before redemptions of 53% in a December extension vote and another 1.7 million shares redeemed ahead of the merger vote. The parties also indicated they were trying to secure PIPE financing. There is no minimum cash condition to close.

The company develops AI-powered learning automation and information intelligence for corporate and educational use.

There was a minimum $10 million cash consideration to close. Keyarch had secured a $13 million PIPE and this funding was consummated together with the closing of the merger.

EM is developing smart factory technology using AI and robotics. EM said its smart factory technologies result in higher quality, lower cost EV battery production and critical materials value chain, and advanced, ESG-conscious battery charging for EVs and Energy Storage Systems (ESS).

The deal was announced in February 2023 at an implied enterprise value of approximately $50 million. A SPAC I raised $60 millon in 2022 IPO a year ago, although the trust was down to about $37.3 million following redemptions on an extension vote.

Redemptions of 2,913,194 LAMF shares left approximately $434,982 in cash in the trust account.

While the merger agreement provided that the closing of the deal was conditioned upon CH Auto being approved for listing on the Nasdaq, the parties had the option to waive that requirement and ultimately did to close the deal.