European Sustainable Growth Acquisition (EUSG) Shareholders Approve ADS-TEC Deal

European Sustainable Growth Acquisition (NASDAQ:EUSG) announced this afternoon that its shareholders approved its combination with EV battery-maker ADS-TEC in a special meeting held earlier today.

Holders of 12,089,854 ordinary shares were present in person or by proxy at today’s meeting, representing 67.05% of EUSG’s voting power. Additionally, the 8-K disclosed that approximately 9,504,750 shares were redeemed in connection to the vote, removing 66.12% of the SPAC’s trust.

The combined company will be called ADS-TEC Energy plc and its ordinary shares and warrants are expected to list on Nasdaq under the new ticker symbols “ADSE” and “ADSEW”, respectively.

European Sustainable Growth initially announced the $580 million combination with ADS-TEC on August 11. Stuttgart, Germany-based ADS-TEC provides charging stations for electric vehicles and energy storage solutions for both commercial and residential customers.

All measures on the company’s ballot passed by large margins. For full vote tallies, click here.

ADVISORS

• EarlyBirdCapital and ABN AMRO Securities (USA) LLC are serving as financial advisors to EUSG and placements agents in the PIPE.
• Carnegie Investment Bank is serving as a selling agent in the PIPE.
• Raymond James is serving as M&A advisor to EUSG and placement agent in the PIPE.
• The German KPMG member firm is serving as M&A advisor to ADS-TEC Energy.
• Reed Smith LLP is serving as lead legal counsel to EUSG
• Arthur Cox is serving as legal advisor in Ireland and Maples Group is serving as legal advisor in the Cayman Islands to EUSG.
• CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB and Alston & Bird LLP are serving as legal advisors to ADS-TEC Energy.