Genesis Unicorn Capital Corp. (GENQ) Shareholders Approve ESGL Deal


Genesis Unicorn Capital Corp. (GENQ) Shareholders Approve ESGL Deal

Genesis Unicorn Capital Corp. (NASDAQ: GENQ) announced this afternoon that its shareholders approved its combination with sustainable waste solutions provider ESGL Holdings at a special meeting held earlier today.

At the meeting, a total of 6,542,842 shares of common stock were present, representing approximately 81.54% of the issued and outstanding shares of common stock. Shareholders approved all proposals listed on the ballot including the Reincorporation Merger Proposal, the Acquisition Merger Proposal, the Nasdaq Proposal and the Governance Proposals.

In connection with today’s meeting, Genesis Unicorn Capital disclosed that 5,377,344 shares were tendered for redemption. But, the SPAC saw 99.19% of its trust redeemed in total, accounting for today’s redemptions as well as the 3,177,941 shares redeemed during an extension meeting held in February. It originally raised $87.5 million in gross proceeds from its IPO in February 2022, but is now left with approximately $747,000 in its trust post-vote.

While the SPAC did not specify an exact closing date, it mentioned its intention to finalize the deal as promptly as possible and will continue to accept a reversal of redemption requests until then. Upon closing, the combined company will be named ESGL Holdings Limited and will be listed on the Nasdaq under the ticker “ESGL”.

Genesis Unicorn Capital Corp. inked its $161 million deal with ESGL in November 2022. ESG Limited is a circular economy solutions pioneer in Singapore. ESG restores and regenerates industrial waste into sustainable circular products, in partnership with companies to achieve their sustainability goals.