Tritium is in the news today following an announcement that it will undergo a special purpose acquisition company merger (SPAC) with Decarbonization Plus Acquisition Corporation II (NASDAQ:DCRN) to take its stock public.
Here’s everything investors need to know about the SPAC merger between Tritium and Decarbonization Plus Acquisition Corporation II.
- To start with, the combination of the two companies would result in Tritium becoming publicly traded.
- This would have its shares trading under the DCFC ticker on the Nasdaq Exchange.
- That would have it taking the place of DCRN stock on the market.
- The SPAC merger between the two companies is expected to generate gross proceeds up to$403 million.
- Tritium intends to use these funds for its operations and to fuel growth.
- The SPAC merger values the combined company at $1.4 billion based on a share price of $10 each.
- Tritium will maintain its current management team once the SPAC merger is complete.
- However, it will be gaining extra members to its Board of Directors.
- That includes Brian Flannery and Kara Frederick.
- Both companies’ Boards of Directors have already approved the SPAC merger.
- Now it just needs to complete customary closing conditions.
- That includes approval from holders of DCRN stock, as well as regulators.
- Tritium was founded in 2001 by Dr. David Finn, James Kennedy, and Dr. Paul Sernia.
- The company “designs, develops, and manufactures proprietary hardware for advanced and reliable DC fast charging.”
- DCRN stock is seeing heavy trading on today’s news.
- Some 7 million shares have changed hands as of this writing.
- That’s quite the jump compared to its daily average trading volume of 104,000 shares.
DCRN stock was up 2% as of Wednesday morning.
Investors that are looking for more SPAC news are in luck!
InvestorPlace houses loads of stock market coverage daily and that includes the latest SPAC news. A few examples include an update on Apex Technology Acquisition Corp. (NASDAQ:APXT), SPACs to consider buying, and a take on Churchill Capital IV (NASDAQ:CCIV). Check out all of that at the following links.
More SPAC News
- Apex Technology Acquisition Corp. Is a SPAC Discount to Avoid
- 20 SPACs to Buy During the ‘SPAC Splat’ for Long-Term Wealth
- Churchill Capital a Clear Sell As SPAC Mania Subsides
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
