Farukh Kitchlew | Nov 29, 2023 | 0
Carbon Revolution & Twin Ridge Capital Join Forces in a Revolution
Carbon Revolution, an Australian tech company known for its carbon fiber wheels, has signed a business combination agreement with Twin Ridge Capital Acquisition Corp. This groundbreaking union promises to usher Carbon Revolution into a new era of global prominence.
The collaboration ensures that Carbon Revolution will emerge as a publicly traded entity in the United States. The merger between the companies has attained legal effectiveness. Twin Ridge Capital Acquisition Corp, a publicly traded acquisition company, has been instrumental in paving the way for this transformation.
With resounding approval from Carbon Revolution shareholders and the Federal Court of Australia, this merger has garnered widespread support. Twin Ridge Capital Acquisition Corp.’s shareholders have also enthusiastically endorsed the business combination.
They will implement the scheme on October 31, 2023, in Melbourne time. Carbon Revolution will assume the parent company’s role, and its shares will begin trading on the Nasdaq Capital Market under the ticker symbol “CREV” from October 30, 2023, in New York time.
Jake Dingle, CEO of Carbon Revolution, expressed his enthusiasm, saying,
“We are excited that we have achieved these significant milestones, which will bring Carbon Revolution towards a new chapter as a publicly traded company in the U.S. We are well-positioned to continue to take advantage of an enormous addressable market for Carbon Revolution’s disruptive efficiency technology, especially in the electric vehicle and new mobility sector, as we continue to build on our first-mover advantage in next-generation auto technology.”
The merger is expected to unlock crucial investment capital, amounting to US$95 million. This capital will provide the necessary impetus for the Carbon Revolution’s expansion. It includes a US$35 million Structured Equity Facility in collaboration with two fund vehicles associated with Orion Infrastructure Capital. A further US$60 million Committed Equity Facility adds to this, with an additional US$75 million poised for release based on the company’s future growth achievements.