SYDNEY, AUSTRALIA: Carbon Revolution Limited (ASX:CBR) and Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), a particular purpose acquisition firm listed on the New York Stock Exchange, have entered right into a binding enterprise combination settlement and accompanying scheme implementation deed.
Accordingly, a newly-formed Irish firm Poppetell Limited to be renamed Carbon Revolution plc (MergeCo) will purchase each Carbon Revolution Limited (CBR) and the Twin Ridge Capital Acquisition Corp.
The merger transaction values CBR’s enterprise worth at US$200 million. The transaction is anticipated to unlock critical funding capital to fund operations, capital expenditure and strategic growth opportunities, support commercialisation and speed up the trail to anticipated profitability.
Upon closing of the merger transaction, the ordinary shares and warrants of MergeCo are anticipated to commerce on both the New York Stock Exchange or Nasdaq, and CBR’s shares shall stop to be quoted on the ASX.
Given CBR’s present money and liquidity place and given the transaction is not anticipated to shut till Q2 CY23 on the earliest, CBR intends to place in place short time period bridge funding to meet money flow necessities till at least the date that the transaction closes.
CBR is pursuing a vary of liquidity enchancment initiatives and reviewing a variety of bridge financing options. The final form and quantity of bridge financing will be decided following the completion of the liquidity enchancment initiatives, however as much as A$30 million of bridge financing could also be required.
Carbon Revolution is an Australian technology company, which has efficiently innovated, commercialised and industrialised the superior manufacture of carbon fibre wheels for the worldwide automotive industry. Carbon Revolution has progressed from single prototypes to designing and manufacturing high-performing wheels for a few of the quickest street cars and most prestigious manufacturers within the world. Carbon Revolution is making a significant and sustainable superior technology enterprise that provides its light-weight wheel technology to automotive producers across the world.
Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) is a particular purpose acquisition firm sponsored by Twin Ridge Capital Management. The firm deploys a disciplined strategic approach that focuses on leveraging its highly effective skilled networks and deep industry expertise to present significant worth to a goal business.