Jupiter Wellness Acquisition Corp. (JWAC) Shareholders Approve Chijet Deal

Jupiter Wellness Acquisition Corp. (NASDAQ:JWAC) announced in an 8-K that its shareholders approved its combination with Chinese carmaker Chijet at a special meeting held earlier today.

The meeting was originally scheduled to be held on April 20, but Jupiter Wellness adjourned it to today. Although the SPAC did not disclose the reason behind the postponement, it was able to use the additional time to secure a non-redemption agreement. Jupiter Wellness entered into the agreement yesterday with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 530,000 shares.

At today’s special meeting, 14,756,963 shares of common stock of JWAC entitled to vote were present. The deal was approved with 12,230,698 shares voting in favor of the transaction and 2,526,265 shares against it.

Today’s 8-K did not provide redemptions or a timeline for the closing of the deal, but once the deal is completed, the combined company is expected to trade on the Nasdaq.

Jupiter Wellness originally announced the $1.6 billion deal in October 2022.  Yantai, China-based Chijet manufactures both internal combustion and electric vehicles through a variety of brands for the Chinese and Southeast Asian markets.

ADVISORS

• GF Securities (Hong Kong) Brokerage Limited acted as financial advisors to JWAC.
• Sichenzia Ross Ference LLP is serving as legal advisor to JWAC.
• Ellenoff Grossman & Schole LLP is serving as legal advisor to Chijet.