Shareholders were expecting to cast their votes on the SPAC’s combination with EV-maker ZeroNox, but the parties are now considering terminating the deal due to the amount of redemption requests. It remains unclear how high those redemptions are, but GFGD raised a total of $253 million in gross proceeds from its IPO in December 2021.
Originally planned for August 23, the meeting has now been pushed back to tomorrow, September 12, at 3:00 p.m., ET.
When The Growth for Good announced its first postponement nearly a month ago on August 18, it noted that it was in the process of finalizing specific agreements related to the subscription of shares in a PIPE financing agreement. It was able to use those extra few days to secure a $5 million PIPE for its combination from investors including trailer and tractor-makers Premier and Kubota as well as Formula-E racing team NIO 333.
But, with a completion deadline of September 14 quickly approaching, the SPAC is left with just a few days to reverse redemptions requests or make the decision to nix the combination.
The Growth for Good entered into the $306 million agreement with ZeroNox earlier this year in March. Porterville, California-based ZeroNox manufactures electric drivetrains for a wide range of off-highway vehicles like golf carts, forklifts and all-terrain vehicles.